Bill > S3189

This bill modifies the New Jersey Angel Investor Tax Credit Act to increase and adjust tax credits for investments in emerging technology businesses. Specifically, the bill reduces the maximum number of employees a business can have from 225 to 150 to qualify as a "New Jersey based business" or a "New Jersey emerging technology business". The tax credit percentage for qualified investments is changed from 20% to 35%, with the potential to increase to 40% if the business meets certain additional criteria, such as being located in a qualified opportunity zone, a low-income community, or being certified as a minority or women's business. The total annual amount of tax credits is reduced from $35 million to $25 million, with the possibility of adding unused tax benefits from the previous fiscal year. The bill also allows the New Jersey Economic Development Authority to quickly adopt emergency regulations to implement these changes and repeals certain previous provisions related to technology business tax credits. The goal of these changes appears to be to continue supporting and incentivizing investments in emerging technology businesses in New Jersey while slightly narrowing the eligibility criteria.

Budget and Finance, Business and Industry

https://www.njleg.state.nj.us/bill-search/2024/S3189