Bill Text: NJ A2080 | 2018-2019 | Regular Session | Amended
Bill Title: Establishes NJ STEM Entrepreneur Fellowship Program in DOLWD.
Spectrum: Partisan Bill (Democrat 9-0)
Status: (Introduced - Dead) 2019-03-11 - Reported out of Asm. Comm. with Amendments, and Referred to Assembly Appropriations Committee [A2080 Detail]
Download: New_Jersey-2018-A2080-Amended.html
ASSEMBLY, No. 2080
STATE OF NEW JERSEY
218th LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2018 SESSION
Sponsored by:
Assemblyman JOSEPH A. LAGANA
District 38 (Bergen and Passaic)
Assemblywoman VALERIE VAINIERI HUTTLE
District 37 (Bergen)
Assemblyman ANDREW ZWICKER
District 16 (Hunterdon, Mercer, Middlesex and Somerset)
Assemblyman DANIEL R. BENSON
District 14 (Mercer and Middlesex)
Assemblywoman SHAVONDA E. SUMTER
District 35 (Bergen and Passaic)
Assemblywoman ANGELA V. MCKNIGHT
District 31 (Hudson)
Co-Sponsored by:
Assemblymen McKeon and Kennedy
SYNOPSIS
Establishes NJ STEM Entrepreneur Fellowship Program in DOLWD.
CURRENT VERSION OF TEXT
As reported by the Assembly Science, Innovation and Technology Committee on March 11, 2019, with amendments.
An Act establishing the New Jersey STEM Entrepreneur Fellowship Program using workforce development funds and amending and supplementing P.L.1992, c.43.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 9 of of P.L.1992, c.43 (C.34:15D-9) is amended to read as follows:
9. a. A restricted, nonlapsing, revolving Workforce Development Partnership Fund, to be managed and invested by the State Treasurer, is hereby established to: provide employment and training services to qualified displaced, disadvantaged and employed workers by means of training grants or customized training services; provide for the other costs indicated in subsection a. of section 4 of P.L.1992, c.43 (C.34:15D-4); provide for the New Jersey Innovation and Research Fellowship Program as provided for in section 3 of P.L.2015, c.235 (C.34:15D-26); and facilitate the provision of education and training to youth by means of grants provided by the Youth Transitions to Work Partnership pursuant to the provisions of P.L.1993, c.268 (C.34:15E-1 et al.). All appropriations to the fund, all interest accumulated on balances in the fund and all cash received for the fund from any other source shall be used solely for the purposes specifically delineated by [this act] P.L.1992, c.43 (C.34:15D-1 et seq.).
b. During
any fiscal year beginning after June 30, 2001, of the total revenues dedicated
to the program during any one fiscal year: 25% shall be deposited in an account
of the Workforce Development Partnership Fund reserved to provide employment
and training services for qualified displaced workers; 6% shall be deposited in
an account of the Workforce Development Partnership Fund reserved to provide
employment and training services for qualified disadvantaged workers; 42% shall
be deposited in an account of the Workforce Development Partnership Fund
reserved for and appropriated to the Office of Customized Training; 3% shall be
deposited in an account of the Workforce Development Partnership Fund reserved
for occupational safety and health training; 5% shall be deposited in an
account of the Workforce Development Partnership Fund reserved for the Youth
Transitions to Work Partnership created pursuant to P.L.1993, c.268 (C.34:15E-1
et seq.); 3% shall be deposited in an account of the Workforce Development
Partnership Fund reserved for the New Jersey Innovation and Research Fellowship
Program established pursuant to section 3 of P.L.2015, c.235 (C.34:15D-26); 10%
shall be deposited in an account of the Workforce Development Partnership Fund
reserved for administrative costs as defined in
section 3 of P.L.1992, c.43 (C.34:15D-3); 0.5%
shall be deposited in an account of the Workforce Development Partnership Fund
reserved for the State Employment and Training Commission to design criteria
and conduct an annual evaluation of the program; [and 5.5%] 2.5%
shall be deposited in an account of the Workforce Development Partnership Fund
to be used, at the discretion of the commissioner, for any of the purposes
indicated in subsection a. of section 4 of P.L.1992, c.43 (C.34:15D-4); and
3% shall be deposited in an account of the Workforce Development Partnership
Fund to be used by the New Jersey STEM Entrepreneur Fellowship Program pursuant
to section 2 of P.L. c. (C. ) (pending before the Legislature
as this bill).
c. Beginning January 1, 1995, through June 30, 2002, the balance in the fund as of the previous December 31, as determined in accordance with generally accepted accounting principles, shall not exceed 1.5 times the amount of contributions deposited for the calendar year then ended. If the balance exceeds this amount, the excess shall be deposited into the unemployment compensation fund within seven business days of the date that the determination is made.
d. Beginning July 1, 2002, and for any subsequent fiscal year, if the unexpended cash balance in any of the accounts indicated in subsection b. of this section, less any amount awarded in grants but not yet disbursed from the account, is determined to exceed 20% of the amount of contributions collected for deposit in the account pursuant to this subsection during the fiscal year then ended, the excess shall be regarded as an unemployment compensation contribution and deposited into the unemployment compensation fund within seven business days of the date that the determination is made.
(cf: P.L.2015, c.235, s.2)
2. (New section) a. The Department of Labor and Workforce Development, in consultation with the New Jersey Economic Development Authority and the Secretary of Higher Education, shall establish the New Jersey STEM Entrepreneur Fellowship Program.
b. The New Jersey STEM Entrepreneur Fellowship Program shall be funded through the funds reserved for that program from the Workforce Development Partnership Fund pursuant to section 9 of P.L.1992, c. 43 (C.34:15D-9). The funds shall be distributed by the department as follows:
(1) The department shall work in consultation with the New Jersey Economic Development Authority and the Secretary of Higher Education to fund 1[,]1 no less than 20 fellowships, administered by the department, 1[which] that shall1 focus on supporting entrepreneurs in the 1[Science] science1, 1[Technology] technology1, 1[Engineering] engineering,1 and 1[Mathematics] mathematics1 (STEM) fields. The fellowships may be provided to individuals who have proven to the department that they have an idea to create, advance 1,1 or develop a product in the STEM field 1[which] that1 will have a beneficial impact on society and will result in a self-sustaining business in the future.
(2) 1[The] Each of the1 fellowships shall be issued for three years 1[each]1 and shall be used primarily to support the entrepreneurs in commercializing the idea and developing a 1[well structured] well-structured1 business.
(3) Priority 1[will] shall1 be given to fellowships which are submitted with the support of an incubator supported by the State of New Jersey or any of its public entities.
c. The department, in consultation with the New Jersey Economic Development Authority 1and Secretary of Higher Education1, shall promulgate rules and regulations 1, pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.),1 providing for the establishment, administration 1,1 and evaluation of the New Jersey STEM Entrepreneur Fellowship Program.
d. The department, in consultation with the New Jersey Economic Development Authority 1and Secretary of Higher Education1, shall conduct an evaluation of the effectiveness of the New Jersey STEM Entrepreneur Fellowship Program to establish new businesses no later than five years after the approval of the first fellowship 1and shall submit the evaluation to the Governor, and to the Legislature pursuant to section 2 of P.L.1991, c.164 (C.52:14-19.1)1.
3. This act shall take effect immediately.
