Budget Woes Slow Momentum for New Jersey Stem Cell Program
Funding for the New Jersey Commission on Science and Technology, which administers the state's stem cell research program, would be cut nearly in half under Gov. Jon Corzine's FY10 budget recommendation. The commission is slated to receive $10.4 million, a decrease of $9.9 million from the FY09 adjusted appropriation, to administer grant programs focused on commercializing new technologies, develop early-stage growth companies and business incubators, and enhance New Jersey's stem cell research capability.
News of the reduction comes on top of additional proposed cuts to the commission in the current fiscal year. In February, Gov. Corzine called for additional 2009 budget cuts totaling $1.3 billion that included a reduction of $12.7 million for Commission on Science and Technology grants, and in January, the governor proposed a $13.7 million reduction for the New Jersey Stem Cell Research Institute.
The FY10 budget proposal would increase funding by $55.2 million for InvestNJ, an Economic Development Authority program created in 2008 to provide economic assistance to New Jersey's business community. This program is composed of two parts - one designed to spur job creation and retain jobs in New Jersey, and the other to promote capital investment by expanding the sales and use tax credit for capital investments in the state.
Last week, Budget and Finance Officer David Rosen of the Office of Legislative Services presented news of a significant tax revenue drop to the Senate budget committee, reports Philly.com. The Office of Legislative Services projects that the state will bring in $606 million less in revenue than previously anticipated by the Corzine administration, according to the article. In February, the governor announced a projected shortfall of $2.8 billion by the end of the current fiscal year.
The FY10 executive budget is available at: http://www.nj.gov/treasury/omb/publications/10budget/index.shtml#budget.
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