Bill > S4255

Introduced Session

This bill increases the amount of the tax credits provided under the "New Jersey Angel Investor Tax Credit Act" for qualified investments made in New Jersey nascent technology business ventures. Under current law, taxpayers are allowed credits against the gross income tax and corporation business tax equal to 20 percent of a qualified investment made by the taxpayer in a New Jersey emerging technology business, or in a qualified venture fund. Taxpayers can qualify for an additional five percent credit provided that the qualified investment is made in an emerging technology business that is located in an opportunity zone or a low-income community, is a minority business or women's business, or, in the case of a qualified venture fund, if the qualified venture fund commits by contract to invest 50 percent of its funds in diverse entrepreneurs. The bill would increase the amount of the tax credit provided to taxpayers that make qualified investments from 20 to 60 percent while increasing the total amount of the tax credit provided to taxpayers that qualify for the additional five percent credit from 25 to 65 percent. The bill would also revise the definitions of a "New Jersey based business" and a "New Jersey emerging technology business" to lower the maximum number of employees a business can have to qualify for the tax credit from 225 employees to 150 employees.

Committee Categories

Andrew Zwicker (D)*, 

Introduced in the Senate, Referred to Senate Economic Growth Committee (on 12/28/2023)

Official Document