In 2017, a mere $11 million in tax credits spurred more than $111 million in investments in 39 companies, according to the annual report by the New Jersey Economic Development Authority.
“NJBIA has long called for an increase in the Angel Investor Tax Credit as a way to help jump-start and sustain a robust innovation ecosystem in New Jersey,” Musick said. “We are pleased to see the bill moving forward.”
Tax credits awarded pursuant to the Angel Investor Tax Credit Program are considered to be refundable tax credits, and the program is capped at $25 million annually.