“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):
· The company must have protected and proprietary intellectual property (pending or issued patents, copyrights, or exclusive licenses). This property must be the primary business of, and exclusive to, the company;
· The company can have a maximum of 224 employees that live and work in the United States. In addition, the company must have a minimum of: 1 full-time employee working in New Jersey if incorporated or formed less than three years, 5 full-time employees in New Jersey if incorporated or formed more than three years but less than five years, or 10 full-time employees in New Jersey if incorporated or formed more than five years. These employees must be offered healthcare coverage;
· The company cannot have had positive net operating income for the last two years. In addition, an eligible company cannot have a parent company with positive net operating income, or be part of a consolidated group of affiliates for federal income tax purposes with positive net operating income;
· The company must have financial statements with all schedules and footnotes prepared according to US GAAP, by an independent CPA. (Compilation, review or audit are all acceptable); and
· The company must file its corporate business tax returns with the NJ Division of Taxation by June 30, 2015.
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@example.com. 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.