Christie Administration Approves $60 Million to Grow Tech/BioTech Industry in New Jersey
Full Funding of Program Top Priority to Spur Economic Growth
TRENTON, N.J. (Nov. 27, 2012) – In support of the Christie Administration's commitment to nurturing the growth of emerging technology and biotechnology businesses, the New Jersey Economic Development Authority (EDA) announced that 65 companies have been approved to share the $60 million allocation available through the State’s Technology Business Tax Certificate Transfer Program in Fiscal Year 2013.
This competitive program enables technology and biotechnology companies to sell New Jersey tax losses and/or research and development tax credits to raise cash to finance their growth and operations. Since the program was established in 1999, more than 500 businesses have been approved for awards totaling $710 million. Each of the 65 applicants approved this year will receive an estimated $920,000, which is 15 percent more than last year and over double the Fiscal Year 2011 average.