The New Jersey Economic Development Authority (EDA) announced today that applications for the state’s Technology Business Tax Certificate Transfer (NOL) Program are now available at http://www.njeda.com/nol.
Administered by the EDA and the New Jersey Department of Treasury’s Division of Taxation, the NOL program allows qualified technology and biotechnology companies to sell unused New Jersey net operating losses and research and development tax credits to unrelated profitable corporations to raise cash to finance their growth and operations.
“The NOL program provides access to much-needed capital for emerging tech and biotech companies in New Jersey,” EDA Chief Executive Officer Melissa Orsen said. “Last year, 44 companies received an average of $1.2 million, and we hope to support even more through this year’s allocation.”
New Jersey-based technology or biotechnology companies must meet several requirements to be eligible for the NOL program. Requirements include (but are not limited to):
Companies must submit an application online to the EDA by the June 30, 2015 deadline.
A complete list of requirements can be found at http://www.njeda.com/nol. Questions about the program may be submitted to [email protected]. All responses will be posted on the EDA’s website.
The EDA is part of the state’s results-driven Partnership for Action. Created by Governor Christie and led by Lt. Governor Guadagno, the Partnership is the hub for all economic development activity in New Jersey and is comprised of four interconnected and highly focused organizational elements: Choose New Jersey, the Business Action Center, the Office of the Secretary of Higher Education and the EDA.
Related Articles: