The New Jersey Economic Development Authority has announced that the application and payment process for the Technology Business Tax Certificate Transfer Program will now take place exclusively online.
This program permits technology and biotechnology companies that are not now making a profit to sell their net operating losses and research and development tax credits to unrelated profitable corporations.
Only technology and biotechnology companies whose primary business involves the provision of a scientific process, product or service are eligible. An eligible company must own, have filed for, or have a license to use protected, proprietary intellectual property (defined as a patent or a registered copyright).
You may apply for this program if you are an unprofitable NJ-based technology or biotechnology company with fewer than 225 U.S. employees;
Net operating losses and R&D tax credits may be sold for at least 80% of their value up to a maximum lifetime benefit of $15 million per business;
Up to $60 million is available each year with $10 million set aside for businesses located in Innovation Zones (located in sections of Newark, Camden and New Brunswick);
The application fee is $2500;
Applications must be filed by June 30. If you have any questions please click here or email the New Jersey Economic Development Authority at email@example.com
To Start a New Application
Open the online application system and create an account. From there, complete the initial screens requesting company and contact information. Then, select the Technology Business Tax Certificate Transfer Program and begin your 2014 NOL application.