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.
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