Trenton, NJ ― Small technology companies whose innovative ideas and products help drive the state’s high-tech economy would have better access to capital if the state’s Angel Investor Tax Credit Act’s eligibility requirements are expanded, the New Jersey Business & Industry Association said on March 7.
Legislation (S-158) before the Senate Budget & Appropriations Committee today would expand eligibility for the existing tax credit on corporate business tax returns to the holding companies of qualified New Jersey emerging technology businesses, instead of requiring investors to provide funding directly to the subsidiary.
The bill would also allow owners of an S corporation making a qualified investment in emerging technology to claim angel investor tax credits on personal income tax returns.
Legislation (S-158) before the Senate Budget & Appropriations Committee today would expand eligibility for the existing tax credit on corporate business tax returns to the holding companies of qualified New Jersey emerging technology businesses, instead of requiring investors to provide funding directly to the subsidiary.
The bill would also allow owners of an S corporation making a qualified investment in emerging technology to claim angel investor tax credits on personal income tax returns.
“Expanding the Angel Investor Tax Credit program will make it easier for companies to raise the capital they need to take their high-tech innovations from the laboratory to the marketplace,” said Andrew Musick, NJBIA’s director of Taxation and Economic Development.
“This legislation will help sustain New Jersey’s status as an innovation leader by giving our state’s small science and technology businesses better access to capital so they can grow,” Musick said.
Musick noted the Angel Investor Tax Credit was one of the recommendations of the New Jersey Policy Research Organization (NJPRO), which is NJBIA’s research arm.
The Senate Budget and Appropriations Committee was scheduled to meet at 1 p.m. on March 7. The Angel Tax Credit legislation has already been approved by the Senate Economic Growth Committee.
“This legislation will help sustain New Jersey’s status as an innovation leader by giving our state’s small science and technology businesses better access to capital so they can grow,” Musick said.
Musick noted the Angel Investor Tax Credit was one of the recommendations of the New Jersey Policy Research Organization (NJPRO), which is NJBIA’s research arm.
The Senate Budget and Appropriations Committee was scheduled to meet at 1 p.m. on March 7. The Angel Tax Credit legislation has already been approved by the Senate Economic Growth Committee.
