Since July 2013, applications have been accepted for the NJ Angel Investor Tax Credit Program signed into law by Governor Christie in January 2013. For qualified investments by angel investors in emerging technology businesses conducting research, manufacturing or technology commercialization in New Jersey, the program provides a 10% refundable tax credit against NJ corporation business or gross income tax.
Administered by the NJ Economic Development Authority (EDA) and the New Jersey Division of Taxation, 209 investments have been approved, resulting in nearly $75 million in capital for New Jersey tech and life sciences companies. Qualified technology businesses must employ less than 225 employees of which 75% must be full-time workers and conduct at least one of the following in New Jersey: incur qualified research expenses, conduct pilot scale manufacturing or commercialize an eligible technology. Eligible technologies include:
*Advanced Computing
*Advanced Materials
*Biotechnology
*Electronic Devices
*Information Technology
*Life Sciences
*Medical Devices
*Mobile Communications
*Renewable Energy Technology
The entire program is limited to an annual cap of $25 million and a maximum tax credit of $500,000 per investment. Applications must be submitted by November 15, 2015 or within one year of date of investment. Applications received after November 15 will be considered for a 2016 tax credit certificate.
For more information and to access the application, visit njeda.com/AngelTaxCredit. Additional questions can be directed to AngelTaxCredit@njeda.com.
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