TRENTON – Legislation sponsored by Senators Byron M. Baer and Joseph V. Doria 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 Assembly Commerce and Economic Development Committee today.
“It’s important to invest in scientific advancements in the state, and a 1985 commission was created to promote and encourage technological innovation,” said Senator Baer, D-Bergen. “The commission has provided financial support to biotechnology, information and environmental protection technology projects because many of the programs would have difficulty attracting private investors.”
“The commission for years has financially supported leading edge research and development, and they deserve a return on their investment in order to continue funding projects,” added Senator Baer.
The bill, S-567, would give to the commission a percentage of all royalties received from patents, trademarks, or copyrights created by biotech and energy companies that have received funds from the commission, to be reinvested in additional programs.
“New Jersey has a history of cultivating progress in science and technology that has helped people the world over,” said Senator Doria, D-Bergen. “However, the State does not have unlimited resources, and if we’re going to maintain the level of commitment we’ve exhibited so far, successful recipients of New Jersey’s support need to give back to the State that gave so much to them in the first place. By retaining a portion of the royalties on investments made possible by the Commission on Science and Technology, we can remain competitive in our offerings to other inventors and researchers, and attract the best of the best to set up shop in the Garden State.”
The bill now heads to the full Assembly for consideration.