Bill
Bill > A5056
NJ A5056
NJ A5056Increases tax credits for investments made in emerging technology businesses under "New Jersey Angel Investor Tax Credit Act."
summary
Introduced
01/12/2023
01/12/2023
In Committee
01/12/2023
01/12/2023
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
Increases tax credits for investments made in emerging technology businesses under "New Jersey Angel Investor Tax Credit Act."
AI Summary
This bill increases the tax credits for investments made in emerging technology businesses under the "New Jersey Angel Investor Tax Credit Act." Specifically, it raises the tax credit percentage from 20% to 30% for qualified investments, and from 25% to 35% for investments in businesses located in qualified opportunity zones, low-income communities, or certified as minority or women-owned businesses. The bill also requires qualified venture funds to invest at least 50% of their funds in diverse entrepreneurs to qualify for the increased credit. The bill maintains the $500,000 cap on the value of tax credits per qualified investment.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Introduced, Referred to Assembly Commerce and Economic Development Committee (on 01/12/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/A5056 |
| BillText | https://pub.njleg.gov/Bills/2022/A9999/5056_I1.HTM |
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