PARSIPPANY — A bill sponsored by Assemblywoman BettyLou DeCroce and Assemblyman Christopher DePhillips helping make New Jersey one of the most innovative states in the country in science and technology received Assembly approval today. The legislation (A3652) recreates the NJ Commission on Science, Innovation and Technology in the Department of Treasury.
“New Jersey’s highly educated labor force and uniquely advantageous location for international trade has made our state a leader in the pharmaceutical and technology industries,” said DePhillips. “This commission will focus on creating incentives and tax credits to keep the pharma, medical device and biotech industries here in New Jersey—instead of fleeing to competitor states.”
The 17-member commission will promote research and entrepreneurship in science and technology. Members will appoint an Innovation Council to determine how to stimulate technology transfer between public and private research institutions of higher education and industry.
“I am proud to support a bill that will help to incentivize and grow innovation jobs in our state,” said DeCroce (R-Morris). “New Jersey must remain competitive in attracting new biotechnology companies to invest here and, more importantly, stay here. I believe this bill will help facilitate the cooperation amongst those in the public and private sector to ensure our state’s status as a hub for success and show our serious commitment to the life sciences industry.”
The U.S. will spend an estimated $553 billion on research and development in 2018, more than any other country in the world and over a quarter of the global total. New Jersey is ranked as the eleventh most innovative state in the nation, according to a recent study by WalletHub. Neighboring states Delaware ranked ninth; Connecticut, thirteenth; New York, twenty-second, and Pennsylvania, twenty-sixth.
DePhillips noted that Massachusetts and California have similar state-level councils that help foster and attract science, innovation and technology related businesses. Both states consistently lead the country in those respective fields – Kendall Square in Cambridge, Mass., and Silicon Valley in Santa Clara County, Calif.
The bill is supported by BioNJ and the state’s life sciences industry.