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Technology
Certification Program:
This Innovative program
allows new or expanding technology and biotechnology
businesses to turn their tax losses and credits into
cash to grow their businesses. Approved businesses may
sell their unused net-operating-loss carry forwards
and unused research and development tax-credit carry
forwards to any corporate taxpayer in the state for
at least 75% of the value of the tax benefits. They
can then use the money raised for working capital to
buy equipment or facilities or for other business expenses.
To qualify, the technology or biotechnology business
must have 225 employees or less of which at least 75%
must be based in New Jersey, and meet certain other
criteria.
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Technology
Transfer & Commercialization Program:
This competitive investment program administered
by the Commission
on Science & Technology is a funding source for
small, for-profit technology companies, to conduct product
or process development projects with a near-term commercial
outcome. Loans range from $50,000 to $250,000 and companies
are required to repay only the principal amount of the
loan. Companies eligible for this funding must be New
Jersey based or plan to relocate to New Jersey.
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Early Stage Enterprise
(ESE) Seed Investment Fund:
Very young technology enterprises may
be eligible to receive investments ranging from $50,000
to $1.5 million.
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Loan Program:
Applicants for federal Small Business
Innovation Research grants may receive loans which help
bridge the time and financial gap between the awarding
of Phase I and Phase II of the federal SBIR grants.
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Edison Venture
Finance Fund:
To increase the availability of venture
capital to New Jersey businesses, the Edison Venture Fund
makes investments in emerging technology businesses in
the mid-Atlantic region, including New Jersey. The Edison
Venture Fund has committed to target one-third of its
capital to New Jersey-based businesses. The New
Jersey Economic Development Authority has invested
in this fund, and refers qualified high-tech companies
to the fund for financing.
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R & D Tax Credit Carry
Forward Extension:
This law allows Research & Development
Tax Credits to be carried forward for a period of 15 years.
These credits must be incurred during period on or after
7/1/98, but no later than 6/30/01. Current law allows
Research and Development Tax Credits to be Carried forward
for a period of seven years. New Jersey corporate business
taxpayers are eligible if they have incurred qualified
research expenses (pursuant to IRC 41 as of 6/30/92) in
the following areas: advanced computing, advanced materials,
biotechnology, electronic device technology, environmental
technology, and medical device technology.
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