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Statement to Assembly, No. 492 - Commerce and Economic Development Committee (New Jersey, 2020)

Summary

A Statement to Assembly from the Assembly Commerce and Economic Development Committee, State of New Jersey, dated January 27, 2020, reporting favorably Assembly Bill No. 492. The statement says the bill would prohibit a State public body from awarding an economic development subsidy to a business that previously received a subsidy that was a loan or loan guarantee if the payment of principal and interest is more than 24 months overdue. It says current law prohibits such an award if the business is in default on the loan or loan guarantee. The statement defines an economic development subsidy as funds with a value of greater than $25,000 provided to a recipient business by or from a State public body.

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“Statement to Assembly, No. 492 - Commerce and Economic Development Committee (New Jersey, 2020).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2020-01-27-ace-a492-s1-fe4a24c3d5/, SHA-256 be2e5893dfb20b7a394c821eaeb7691a9c25aa7d9837fa7cf5eb600a685335e8.

Full text

ASSEMBLY COMMERCE AND ECONOMIC DEVELOPMENT
                COMMITTEE

                          STATEMENT TO

                      ASSEMBLY, No. 492

       STATE OF NEW JERSEY
                          DATED: JANUARY 27, 2020

          The Assembly Commerce and Economic Development Committee
      reports favorably Assembly Bill No. 492.
          This bill would prohibit a State public body from awarding an
      economic development subsidy to a business that previously received
      an economic development subsidy that was a loan or loan guarantee if
      the payment of principal and interest on the loan or loan guarantee is
      more than 24 months overdue. Current law prohibits a State public
      body from awarding an economic development subsidy to a business
      that previously received an economic development subsidy that was a
      loan or loan guarantee if the business is in default on the loan or loan
      guarantee.
          For the purposes of this bill, and current law:
          "State public body" means the State of New Jersey or any agency,
      authority, board, commission, or instrumentality of the State, but does
      not mean a political subdivision of the State or an agency, authority,
      board, commission, or instrumentality of a political subdivision of the
      State; and
          "Economic development subsidy" means the provision of an
      amount of funds to a recipient business by or from a State public body
      with a value of greater than $25,000 for the purpose of stimulating
      economic development in New Jersey, including, but not limited to, a
      loan or loan guarantee.
          This bill was pre-filed for introduction in the 2020-2021 session
      pending technical review. As reported, the bill includes the changes
      required by technical review, which has been performed.

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