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Northjersey.com
July 7, 2008
Bill Promises N.J. Research on Stem Cells
TRENTON - An assemblyman has a plan to accomplish what voters would not approve: accelerated stem cell research with some state help.
Neil Cohen, D-Union, has proposed legislation that would permit investors to contribute to the state Economic Development Authority, which in turn would provide $100 million in stem cell research loans annually.
Some money would have to go to non-profit and academic research projects. Research loans could not exceed $50 million per project per year.
Amid federal restrictions on embryonic work, many states are competing in stem cell research. California plans to spend $3 billion on it, while Connecticut has a $100 million program and Illinois and Maryland have awarded $15 million in grants. Those states are relying on taxpayer funding for their programs.
"Investing in stem cell research is one of the single most important activities New Jersey can be engaged in," Cohen said.
Under his plan, investors would get tax credits equal to their contribution to the fund, if a research project failed to repay the loan. The credits wouldn't exceed $100 million annually.
Cohen was a leading backer of a plan for the state to borrow $450 million for embryonic and other stem cell research in New Jersey. Voters soundly defeated that initiative last fall.
Those who believe life begins at fertilization generally oppose embryonic stem cell research because it involves the destruction of human embryos. Proponents of the research say the embryos may hold the key to curing disease. Abortion foes and scientists both support research on adult and umbilical cord stem cells.
After the defeat, New Jersey halted plans to build five stem cell research facilities throughout the state, including a $150 million New Brunswick center that was to become the centerpiece of state stem cell research efforts.
New Jersey was seeking to join several other states that have devoted public money toward stem cell research. Cohen said his new approach would reinvigorate the state's efforts and allow it to promote research without using public money.
Cohen's bill, which has been introduced but not debated in the Assembly, would allow investors to contribute up to $500 million over five years to fund stem cell research on adult and umbilical cord stem cells in New Jersey.
Conservatives cautiously welcomed the new effort.
"I'd like to think Assemblyman Cohen has introduced this bill because he is heeding the will of the voters who clearly rejected any attempt to use taxpayer money to fund embryonic stem cell research," said Marie Tasy, executive director of New Jersey Right to Life.
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