$60 Million Approved to Grow Tech/Biotech Industry in New Jersey
The New Jersey Economic Development Authority (EDA) recently announced that 65 companies have been approved to share the $60 million allocation available through New Jersey’s Technology Business Tax Certificate Transfer Program in Fiscal Year 2013.
New Jersey-based technology or biotechnology companies with fewer than 225 U.S. employees may be eligible to sell net operating losses and research and development tax credits to unrelated profitable corporations for at least 80 percent of their value, up to a maximum lifetime benefit of $15 million per business.
The EDA is part of the Partnership for Action. Created by Governor Chris Christie and led by Lieutenant Governor Kim Guadagno, the partnership is the hub for all economic development activity in New Jersey and is comprised of three organizations: Choose New Jersey, the Business Action Center and the EDA.
For complete details and to see a list of the approved companies, visit http://ht.ly/fEFaN.
Illustration by dream designs at Free Digital Photos.net
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