“Life sciences is an industry targeted for growth in the state,” EDA Chief Executive Officer Melissa Orsen said in a statement. “This project illustrates how resources offered by the state, including changes to the Grow NJ program and the availability of affordable office and lab space, are helping startups increase their viability.”
Specifically, the Economic Opportunity Act of 2013 reduced the threshold to qualify for Grow New Jersey tax credits from 100 full-time jobs to as low as 10 full-time jobs for technology startups and 25 new jobs in other targeted industries. Since the EOA came into effect in September 2013, approximately 30 percent of tax credits approved under Grow NJ support technology and life sciences companies.
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