New Jersey § 34:1b-7

§ 34:1b-7.

As used in this act: “ Authority ” means the New Jersey Economic Development Authority established pursuant to section

4 of P.L.1974, c. 80 ( C.34:1B-4 ); “ Biotechnology ” means the continually expanding body of fundamental knowledge about the functioning

of biological systems from the macro level to the molecular and sub-atomic levels,

as well as novel products, services, technologies and sub-technologies developed as

a result of insights gained from research advances which add to that body of fundamental

knowledge; “ Biotechnology company ” means a person, whose headquarters or base of operations is located in New Jersey,

engaged in the research, development, production, or provision of biotechnology for

the purpose of developing or providing products or processes for specific commercial

or public purposes, including but not limited to, medical, pharmaceutical, nutritional,

and other health-related purposes, agricultural purposes, and environmental purposes,

or a person, whose headquarters or base of operations is located in New Jersey, engaged

in providing services or products necessary for such research, development, production,

or provision; “ Cost ” means the expenses incurred in connection with the operation of an emerging technology

or biotechnology company in the State and shall include, but need not be limited to,

the expenses of fixed assets, such as the construction, acquisition and development

of real estate, materials, start-up, tenant fit-out, working capital, and any other

expenses determined by the authority to be necessary to carry out the purposes of

this act; “ Emerging technology company ” means a person, whose headquarters or base of operations is located in New Jersey,

and who employs some combination of the following: highly educated or trained managers

and workers, or both, employed in New Jersey who use sophisticated scientific research

service or production equipment, processes or knowledge to discover, develop, test,

transfer or manufacture a product or service; “ Financial institution ” means an individual or organization deemed eligible by the authority for participation

in the program and shall include, but need not be limited to, State-chartered or federally-chartered

banks, savings banks or savings and loan associations, banks organized under the laws

of a foreign government, private individuals, insurance companies, landlords, finance

companies and venture capitalists; “ Fixed assets ” means any real property, interests in real property, plant, equipment, and any other

assets commonly accepted as fixed assets; “ Program ” means the “New Jersey Emerging Technology and Biotechnology Financial Assistance

Program” established by the authority pursuant to section 4 of this act; 1 and “ Working capital ” means those liquid capital assets other than fixed assets. 1

N.J.S.A. § 34:1B-7.40.