This bill amends existing laws to include fusion energy and fusion technology companies as eligible participants in certain economic incentive programs administered by the New Jersey Economic Development Authority (EDA). It mandates that references to renewable energy or emerging technologies within these programs now encompass fusion energy and technology. The EDA, in collaboration with the New Jersey Commission on Science, Innovation and Technology and the Board of Public Utilities, is tasked with establishing rules and regulations to define eligibility requirements and methodologies for assessing qualifications of fusion companies seeking benefits. However, the bill clarifies that fusion energy and technology will not be eligible for incentives under the New Jersey Clean Energy Program or other programs funded through the Universal Service Fund.

Additionally, the bill includes definitions for "fusion energy" and "fusion technology," specifying that fusion energy involves generating electricity through nuclear fusion reactions, while fusion technology pertains to the development of technologies that enable such energy production. It also makes necessary amendments to existing statutes related to the state's corporation business tax benefit certificate transfer program and the New Jersey Angel Investor Tax Credit Act to align with the inclusion of fusion energy and technology. The overall aim is to stimulate economic development in New Jersey by supporting the growth of new and existing renewable energy and technology companies, thereby enhancing the state's position in the emerging fusion sector. The act is set to take effect immediately upon passage.

Statutes affected:
Introduced: 34:1B-7.42, 54:10A-5.29