LEGISLATIVE FISCAL ESTIMATE TO

ASSEMBLY, No. 1065

STATE OF NEW JERSEY

DATED: OCTOBER 2, 1996

      Assembly Bill No. 1065 of 1996 authorizes the Commissioner of Commerce and Economic Development to establish a New Jersey Corporate Overseas Network Program.

      The New Jersey Corporate Overseas Network Program would supplement trade leads the Division of International Trade develops during trade shows, trade missions and other such events by calling on New Jersey companies with international contacts to provide new leads in the export, joint venture partnership and foreign investment areas to the division. The division would share those leads with appropriate New Jersey businesses. The program is also intended to enable the division to identify opportunities to develop free or shared-space arrangements with New Jersey companies which have established international offices. Further, the bill authorizes the commissioner to delegate responsibilities for the program to a nonprofit entity designated by the department, which may include a nonprofit corporation proposed by the New Jersey Economic Master Plan Commission, to implement the recommendations of the master plan commission.

      The Office of Legislative Services (OLS) estimates that enactment of this bill will not have a fiscal impact on the State budget, since establishment of the proposed network would utilize existing department personnel and services within the Division of International Trade. Further, the OLS notes that at the discretion of the commissioner, responsibility for the network may be delegated to a nonprofit entity.

      This legislative fiscal estimate has been produced by the Office of Legislative Services due to the failure of the Executive Branch to respond to our request for a fiscal note.

This fiscal estimate has been prepared pursuant to P.L.1980, c.67.