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Today, Governor Christie signed S-158 (Madden, Cruz-Perez)/A-3631 (Quijano, Schaer) into law. The new law will extend eligibility for the existing Angel Investor credit to the holding companies of qualified New Jersey emerging technology companies. Previously, investors had to 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.
Since the beginning of the Angel Investor Tax Credit Program in 2013, the NJ EDA has approved 673 applications for investment, with more than $220 million being invested in 51 New Jersey technology and life sciences companies.
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 this legislation, which helps to directly support innovation.
For more information, please see NJBIA’s press release.