As Lilo Stainton reported in the news website NJ Spotlight, the NJ Economic Development Authority (EDA) approved 251 applications for angel investor tax credits that spurred more than $96 million in private investments, the highest annual total since the program was launched three years ago.
The article states:
“While New Jersey has long been home to pharmaceutical giants like Merck & Co. and Johnson & Johnson, the larger biotech sector — which explores how living organisms can benefit medicine, agriculture, industry, and other technologies — has grown from 50 to nearly 400 companies statewide, according to a study by BioNJ.
“The industry directly employs more than 212,000 people in the state, and also supports thousands of service companies based here.”
Under the program, investors can receive credits of up to 10 percent of their investment in firms that conduct research, manufacture products, or work to commercialize new technology in New Jersey.
The companies must have a real footprint in the state, but they can be based elsewhere.
NJBIA supported the Angel Investor Tax Credit program several years ago as part of a detailed plan to make New Jersey a place where high-tech, innovative businesses can thrive.
The Association believes it is vital that these companies have the access to capital they need to grow and create jobs.