S 3623

This bill establishes the Fusion Energy and Technology Incentive Program within the New Jersey Economic Development Authority to promote the development of fusion energy facilities by offering tax credits to both property owners and fusion companies. The program provides financial incentives in two ways: tax credits to owners of power plants (including decommissioned facilities) who lease space to fusion energy or technology companies, and tax credits directly to fusion companies that operate or plan to operate fusion facilities in New Jersey. By incentivizing the repurposing of existing power plant sites for fusion energy development and authorizing the use of Global Warming Solutions Fund resources, the bill aims to position New Jersey as a hub for this emerging clean energy technology while potentially giving new life to decommissioned power infrastructure.