The bill establishes the New Jersey Veterans' Organization Building Grant Program, designed to provide financial assistance for the construction and improvement of facilities used by veterans' organizations in the state. It amends existing legislation related to economic development by incorporating this new program into the definitions and provisions of the law, ensuring alignment with the state's economic initiatives. The bill also modifies the powers of the New Jersey Economic Development Authority, enabling it to effectively manage the grant program, including entering contracts and acquiring property for veterans' organizations.

To qualify for grants, organizations must be recognized as 501(c)(19) by the IRS, and funding will be awarded on a competitive basis with criteria set by the authority. The bill creates the Veterans Organization Building Grant Fund, which will be financed through taxpayer contributions on New Jersey gross income tax returns and annual legislative appropriations. Additionally, it appropriates $2,000,000 from the General Fund to support the program's implementation, with the authority responsible for developing the necessary rules and regulations. The bill is set to take effect 180 days after enactment, aiming to enhance resources for veterans in New Jersey.

Statutes affected:
Introduced: 34:1B-3, 34:1B-5