Vote Smart's Synopsis:

Vote to pass a bill that establishes tax credits for investors in emerging technology businesses, beginning tax years after January 1, 2012.

Signed by Governor Chris Christie

Vote Smart's Synopsis:

Vote to pass a bill that establishes tax credits for investors in emerging technology businesses, beginning tax years after January 1, 2012.

Highlights:

• Establishes tax credits for investors in New Jersey emerging technology businesses for 10 percent of the investment, effective for tax years beginning after January 1, 2012 (Secs. 3 - 5).

• Defines “New Jersey emerging technology business” as a high-technology company with fewer than 225 employees, of whom at least 75 percent are filling a position in New Jersey, and that is doing business in New Jersey (Sec. 2).

• Requires a New Jersey emerging technology business to meet at least 1 of the following criteria (Sec. 2):
• The company is conducting research in New Jersey;
• The company conducts pilot scale manufacturing in New Jersey; or
• The company conducts technology commercialization in New Jersey in the fields of:
• Advanced computing or materials;
• Life science;
• Biotechnology; or
• Technology for information, medical devices, electronic devices, mobile communications, or renewable energy.

• Limits the maximum allowed tax credits per investment in New Jersey high-technology businesses to $500,000 for each tax year (Secs. 3 & 4).

• Limits the cumulative total of tax credits issued each year for investments in New Jersey high-technology businesses to $25 million (Sec. 3).

Full Bill Text