Bill > A1359

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 emerging technology businesses. 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, in a New Jersey emerging technology business holding company that makes a verified transfer of funds to 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 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 30 percent while increasing the total amount of the tax credit provided for taxpayers that qualify for the additional five percent credit from 25 to 35 percent.

AI Summary

Committee Categories

Chris DePhillips (R)*, 

Introduced, Referred to Assembly Commerce, Economic Development and Agriculture Committee (on 01/09/2024)

Official Document