TRENTON – Legislation sponsored by Senator Byron M. Baer which would allow the New Jersey Commission on Science and Technology to receive a percentage of royalties from any patents, trademarks, or copyrights developed by a biotech or high energy company, was approved in the Senate Economic Growth Committee today.
“In 1985, the commission was created to help promote and encourage scientific and technological advancement in the state,” said Senator Baer, D-Bergen. “To accomplish its mission, the commission provides financial support to biotechnology, information and environmental protection technology projects. Sponsoring these programs is critical because many of those projects would have difficulty attracting private investors due to the risks associated with leading edge research and development.”
The Baer bill, S-567, would transfer 75% of all royalties received from patents, trademarks, or copyrights created by biotech and energy companies that have received funds from the commission into the general fund.
“It’s important for the commission to receive a return on its investment in technology and science in order to continue to adequately fund projects that lead to further advancements in these fields,” said Senator Baer.
“By collecting royalties we will be able to further finance programs like the stem cell research center. The commission will be able to continue to support research opportunities at New Jersey’s colleges and identify future fields of science and technology that will benefit the State.”
The bill now heads to the full Senate for consideration.