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P. L. 2013, c. 14 enacted the New Jersey Angel Investor Tax Credit Act to encourage investments in New Jersey emerging technology businesses by providing a credit against the Corporation Business Tax and Gross Income Tax.
The New Jersey Economic Development Authority (NJEDA), in consultation with the Division of Taxation, approves taxpayer applications for the credit. The NJEDA will only approve Angel Investor Tax Credits up to $25 million per calendar year. The credits are limited to $500,000 per qualified investment.
To be eligible, the New Jersey emerging technology business must employ fewer than 225 full-time employees and at least 75 percent of those positions must be located in New Jersey.
Qualified businesses include advanced computing, advanced materials, biotechnology, electronic device technology, information technology, life sciences, medical device technology, mobile communications technology, and renewable energy technology.
From tax years beginning January 1, 2012, until December 31, 2019, the amount of credit is a maximum of 10 percent of the qualified investment.
For tax years beginning on and after January 1, 2020, the credit is a maximum of 20 percent of the qualified investment. If the New Jersey emerging technology business is in a qualified opportunity zone, low-income community, or is certified by the State as a minority or women’s business, the tax credit is 25 percent of the qualified investment.
Credits may be treated as an overpayment and refunded. However, no interest will be paid on an overpayment.
Corporate taxpayers may carry over tax credits up to 15 tax years following the tax year for which a credit was allowed. Individuals cannot carry forward tax credits.
