Bill > S3189

This bill makes various changes to the New Jersey Angel Investor Tax Credit Act and the Technology Business Tax Certificate Transfer Program. The bill provides tax credits for investors who invest in emerging technology businesses in New Jersey, with a base credit of 35% of the qualified investment, which can increase to 40% if the business is located in certain zones or meets specific diversity criteria. The bill establishes a $25 million annual cap on these tax credits and allows businesses with unused research and development tax credits or net operating losses to transfer those benefits to other taxpayers in exchange for private financial assistance. The legislation also creates provisions for innovation zones in northern, central, and southern New Jersey, with $15 million of the tax credit allocation reserved for businesses in these zones or minority/women-owned businesses. Additionally, the bill repeals the "New Jersey Ignite Act" and allows the New Jersey Economic Development Authority to quickly implement regulations related to these tax credit programs. The changes are designed to support emerging technology and biotechnology companies in the state by providing financial incentives for investment and allowing more flexibility in transferring tax benefits.

Budget and Finance, Business and Industry

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