Bill > A2365

This bill increases tax credits for investments in New Jersey emerging technology businesses by modifying the existing "New Jersey Angel Investor Tax Credit Act." Specifically, the bill reduces the employee threshold for qualifying businesses from 225 to 150 employees and changes the tax credit percentage from 20% to 35% for qualified investments, with the potential to increase to 40% for investments in businesses located in opportunity zones, low-income communities, or certified minority or women-owned businesses. The bill also allows for an additional $25,000,000 in tax credits per calendar year, plus any unused tax benefits from the previous fiscal year. Furthermore, the bill provides more flexibility for the New Jersey Economic Development Authority to adopt regulations quickly, allows for the transfer of unused tax benefits between fiscal years, and repeals certain previous legislation. The changes aim to support and incentivize investment in emerging technology and biotechnology companies in New Jersey by making the tax credit program more accessible and financially attractive to potential investors.

Budget and Finance, Business and Industry

https://www.njleg.state.nj.us/bill-search/2024/A2365