The future of New Jersey’s economy is linked to the state’s ability to attract innovative, high-tech companies. These small and emerging high-tech companies rely on research and development, as much as marketing and sales for their success. NJBIA has been working to build up New Jersey’s innovation ecosystem for the last six years and that effort continues through legislation that directly supports innovation.
On March 16, 2017, the General Assembly passed a bill to extend the Angel Investor Tax Credit program to holding companies that make investments in small and emerging high-tech companies.
The bill, S-158, will extend eligibility for the existing Angel Investor credit taken on the corporate business tax to the holding companies of qualified New Jersey emerging technology companies. Currently, investors must provide funding directly to the subsidiary in order to obtain the tax credit.
Additionally, the bill will allow owners of S corporations that make qualifying investments in small high-tech companies to claim the Angel Investor Tax Credit on their personal income tax returns.
For details, please see NJBIA’s press release. The bill passed the State Senate last March, and now heads to the Governor for final approval.
