The bill establishes the New Jersey Veterans' Organization Building Grant Program, which is designed to provide financial assistance for the construction and improvement of facilities used by veterans' organizations in the state. It amends Section 3 of P.L.1974, c.80 (C.34:1B-3) to integrate this program into the existing framework of the New Jersey Economic Development Authority. This integration allows for the allocation of resources to support veterans' organizations, with the authority empowered to acquire property, enter contracts, and manage financing for the grant program.

To qualify for grants, organizations must be designated as 501(c)(19) by the IRS, and the grants will be awarded competitively based on criteria developed by the authority. The bill also establishes the Veterans Organization Building Grant Fund within the Department of the Treasury, funded 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 rules and regulations for effective management. The bill is set to take effect 180 days after enactment, aiming to enhance the infrastructure of organizations dedicated to serving New Jersey's veterans.

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