TRENTON — State Sen. Joe Kyrillos has garnered Democratic support for legislation he introduced today to allow New Jersey residents to invest in New Jersey-based businesses.
“I’m pleased to share that this vital economic growth measure has so quickly garnered Democratic support so that we have the opportunity to swiftly get it to the Governor,” said Kyrillos (R-Monmouth). “This legislation will help generate much-needed capital for New Jersey entrepreneurs to start and grow their products and services, as federal regulators continue to debate how to fully implement the JOBS Act. The crowd funding aspect should have been implemented some 273 days ago.”
State Sen. Ray Lesniak (D-Union) has agreed to sign on as a prime co-sponsor to help get this job-creation measure posted for a vote and passed through the Legislature. Kyrillos and Lesniak recently worked together as sponsors of the “Economic Opportunity Act of 2013” signed into law this month by Gov. Chris Christie.
Kyrillos’ intrastate crowd funding legislation will allow New Jersey-based entrepreneurs to seek up to $1 million in private investment in increments of up to $5,000 from unaccredited investors residing in New Jersey. The bill permits Internet solicitations. Other states such as Georgia, North Carolina, Kansas and Wisconsin have already taken action on similar measures while awaiting full implementation of the JOBS Act. The components of this bill would be administered by the New Jersey Bureau of Securities.
“The JOBS Act allows start-ups to advertise a financial need online, so we must let those in New Jersey take advantage by clearing the way for responsible investments here,” Kyrillos added.
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