Articles

February 28, 2013

Christie Acts to Spur Investment and Growth In NJ's Emerging Technology Businesses

In January 2013, Governor Chris Christie signed legislation creating an angel investor tax credit program to spur job creation and growth in New Jersey's current and next generation of high-skill, high-wage emerging technology industries.

New Jersey will offer a 10% investor tax credit for an individual that invests in a New Jersey emerging technology company up to a maximum of $500,000 for the tax year for each qualified investment made. A New Jersey Emerging Technology Company is defined as a company with fewer than 225 employees of whom at least 75% are filling a position in NJ and which has qualified research expenses paid or incurred for research conducted in this State; conducts pilot manufacturing in the state or conducts technology commercialization in the state in the fields of:

  • Advanced computing
  • Advanced materials
  • Biotechnology
  • Electronic device technology
  • Information technology
  • Life sciences
  • Medical device technology
  • Mobile communications technology
  • Renewable energy technology

The credit cannot reduce tax liability by more than 50% of the taxpayer's liability. The credit also must be subject to the approval of the Economic Development Authority. Individuals and partnerships are also qualified for the credit. A qualified investment must be the non-refundable transfer of cash by a taxpayer to an unrelated person.

The investor must apply through the Economic Development Authority.

To read the full press release, please click HERE.