The proposed bill establishes the Fusion Energy and Technology Incentive Program within the New Jersey Economic Development Authority (EDA) to encourage the development and utilization of fusion energy and technology. It introduces tax credits for eligible property owners who lease space on power plant sites to fusion companies, allowing them to receive credits of 15% of the rent paid and 35% of necessary capital investments for site preparation. Additionally, fusion companies can receive tax credits equal to 35% of their capital investments related to facility construction or improvements, provided they are actively operating. The EDA is authorized to allocate up to $5 million annually in tax credits for property owners and $10 million for fusion companies.

Furthermore, the bill amends existing legislation regarding the allocation of funds from the Global Warming Solutions Fund, specifying that 60% of the fund will be directed to the EDA for various initiatives, including support for fusion energy facilities and technology, energy efficiency projects, and new efficient electric generation facilities. This amendment aims to enhance coordination among agencies and prevent overlap in fund usage. Overall, the bill seeks to promote innovation in clean energy and contribute to greenhouse gas reduction efforts through financial incentives.

Statutes affected:
Introduced: 26:2C-51