The New Jersey Economic Development Authority (NJEDA) issued a reminder that the expansion of the Angel Investor Tax Credit Program takes effect Jan. 1, 2020.
The Angel Investor Tax Credit Program offers refundable tax credits against qualified investments for New Jersey businesses. It supports technology businesses with a physical presence in New Jersey that conduct research, manufacturing, or technology commercialization in the state. Over the summer, Gov. Phil Murphy announced that the tax credit would increase from 10% to 20% of a qualified investment, with an additional 5% bonus available for investments in a business located in a qualified opportunity zone, low-income community, or a business that is certified by the State as minority- or women-owned. The expanded program parameters will be in effect for investments made after Jan. 1, 2020.
“Making New Jersey the State of Innovation starts with connecting companies with access to the capital they need to grow and compete in the national marketplace,” NJEDA CEO Tim Sullivan said. “Expanding the Angel Investor Tax Credit is an important and necessary step to bring investment dollars to New Jersey.”
All applications must be submitted within six months of the time the investment is made.
The Angel Investor Tax Credit Program is administered by the NJEDA, with the assistance of the Department of the Treasury’s Division of Taxation. More information can be found at www.njeda.com/angeltaxcredit.
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