May 4, 2017

Incentive Alert: NJEDA Now Accepting Applications for Technology Business Tax Credit Transfer (NOL) Program (2017)

On Monday, the New Jersey Economic Development Authority (NJEDA) announced that it will begin accepting applications for the 2017 Technology Business Tax Credit Transfer (NOL) Program.

Established under the New Jersey Emerging Technology and Biotechnology Financial Assistance Act (N.J.S.A. 34:1B-7.37), the Program allows unprofitable New Jersey-based technology and biotechnology companies with fewer than 225 U.S. employees to sell a percentage of unused New Jersey net operating losses and research and development tax credits to unrelated profitable corporations. N.J.A.C. 19:31-12.1-12.8.

The Program is authorized to provide $60,000,000 of tax benefits over each State fiscal year, of which $10,000,000 is set aside for businesses located in Innovation Zones (Newark, Camden, and the Greater New Brunswick Area).  N.J.A.C. 19:31-12.7(a).

Companies interested in apply for the Program must submit an application by June 30, 2017.

Murphy Schiller & Wilkes LLP (MSW) is a boutique law firm servicing the commercial real estate and construction industries. Headquartered in Newark, New Jersey, the firm represents a wide range of clients, including institutional, publicly traded real estate companies, international and regional lenders, national contractors and subcontractors, and family offices. The firm has been ranked as a top law firm by both Chambers & Partners and U.S. News & World Report.