New Jersey A 5158: Establishes advertisement grant program for emerging businesses in science and technology.*

Bill Text

(Sponsorship Updated As Of: 6/30/2023)
r[First Reprint]
ASSEMBLY, No. 5158

STATE OF NEW JERSEY
220th LEGISLATURE

INTRODUCED JANUARY 26, 2023

Sponsored by:
Assemblyman P. CHRISTOPHER TULLY
District 38 (Bergen and Passaic)
Assemblywoman CAROL A. MURPHY
District 7 (Burlington)
Assemblyman ROY FREIMAN
District 16 (Hunterdon, Mercer, Middlesex and Somerset)

Co-Sponsored by:
Assemblyman Wimberly, Assemblywomen Park and Lopez

SYNOPSIS
Establishes advertisement grant program for emerging businesses in science
and technology.

CURRENT VERSION OF TEXT
As reported by the Assembly Science, Innovation and Technology
Committee on February 16, 2023, with amendments.

A5158 [1R] TULLY, MURPHY
2

EXPLANATION – Matter enclosed in bold-faced brackets [thus] in the above bill is
not enacted and is intended to be omitted in the law.

Matter underlined thus is new matter.
Matter enclosed in superscript numerals has been adopted as follows:
1Assembly AST committee amendments adopted February 16, 2023.

AN ACT establishing an advertisement grant program for
1[New 1
Jersey]
1 emerging businesses
1in science and technology
1 and 2
supplementing P.L.1974, c.80 (C.34:1B-1 et seq.). 3
4
BE IT ENACTED by the Senate and General Assembly of the State 5
of New Jersey: 6
7
1. As used in P.L. , c. (C. ) (pending before the 8
Legislature as this bill): 9
“Authority” means the New Jersey Economic Development 10
Authority established pursuant to section 4 of P.L.1974, c.80 11
(C.34:1B-4). 12

1[“New Jersey emerging business” means a company with fewer 13
than 225 employees, of whom at least 75 percent are filling a 14
position in New Jersey, that is doing business, employing or owning 15
capital or property, or maintaining an office in this State] 16
“Emerging business in science and technology” means a 17
company with fewer than 225 employees, of whom at least 75 18
percent are filling a position in New Jersey, which company is 19
doing business, employing or owning capital or property, or 20
maintaining an office in this State. An “emerging business in 21
science and technology” additionally means a business that 22
conducts technology commercialization in this State in at least one 23
of the following industries: advanced computing, advanced 24
materials, biotechnology, electronic device technology, information 25
technology, life sciences, medical device technology, mobile 26
communications technology, or renewable energy technology
1. 27
28
2. a. The New Jersey Economic Development Authority shall 29
develop and administer a “New Jersey Emerging Business Advertising 30
Grant Program” to stimulate economic development in the State by 31
supporting the advertising and marketing expenses of
1[qualified 32
business entities] emerging businesses in science and technology
1. 33
b. (1) An applicant for a grant pursuant to this section shall apply 34
to the authority, in a form and manner as determined by the authority, 35
and shall include such information as the authority determines is 36
necessary in consideration of the provisions of P.L. , c. (C. ) 37
(pending before the Legislature as this bill). 38
(2) In order to receive a grant from the authority pursuant to 39
P.L. , c. (C. ) (pending before the Legislature as this bill) the 40
applicant shall: 41
(a) be
1[a New Jersey emerging business] an emerging business in 42
science and technology
1; and 43

A5158 [1R] TULLY, MURPHY
3

(b) comply with any other criteria established by the authority 1
pursuant to rules and regulations adopted pursuant to section 3 of 2
P.L. , c. (C. ) (pending before the Legislature as this bill). 3
(3) The authority may approve applications for the grant program 4
on a rolling basis, subject to the availability of funds and the rules and 5
regulations adopted pursuant to section 3 of P.L. , c. (C. ) 6
(pending before the Legislature as this bill). 7
c. (1) The grants provided under this section shall be issued in 8
such amounts as the authority deems appropriate, subject to the terms 9
and conditions prescribed by the authority. 10
(2) Subject to any additional terms or conditions that may be 11
prescribed by the authority, each grant issued pursuant to this section 12
shall be used exclusively to support advertising and marketing costs. 13
d. The recipient of a program grant shall submit an audited 14
financial statement to the authority on a yearly basis in order to ensure 15
the applicant has properly used the grant and the applicant remains an 16
eligible
1[New Jersey emerging business] emerging business in 17
science and technology
1 until such time as all grant monies have been 18
expended. 19
If the authority determines that a recipient of a program grant 20
improperly used the grant, the authority shall convert the grant to a 21
loan pursuant to rules and regulations adopted by the authority 22
pursuant to section 3 of P.L. , c. (C. ) (pending before the 23
Legislature as this bill). 24
25
3. The New Jersey Economic Development Authority shall 26
adopt