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 amounting to 15% of the rent paid and 35% of necessary capital investments for site preparation. Additionally, fusion companies can apply for tax credits equal to 35% of their capital investments related to facility construction or improvement, but only after they commence operations. 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 these funds will be directed to the EDA for various initiatives, including support for fusion energy facilities, energy efficiency projects, and innovative carbon emissions reduction technologies. The overall aim of the bill is to stimulate investment in fusion energy and technology, thereby advancing New Jersey's goals for energy efficiency and reducing carbon emissions.

Statutes affected:
Introduced: 26:2C-51