The New Jersey Technology Business Tax Certificate Transfer (NOL) Program is targeted to up-and-coming technology and life science companies in the state. The online application is due June 30.
Kathleen Coviello, EDA director of technology and life sciences, said all eligible companies should take advantage of this opportunity.
Businesses looking to sell benefits generated in 2016 must file their tax returns to the state Division of Taxation by the application deadline. Applicants should hear by the end of August if they are being recommended for EDA board approval.
The $60 million program allows eligible companies to sell net operating losses for capital. NOL has helped more than 500 companies to date, totaling over $900 million in funding.
Coviello said one of the application requirements is at least 10 payroll employees.
Last year, 40 companies were approved, earning an average of $1 million each, Coviello said.
The application can be found at www.njeda.com/nol.