The bill amends the New Jersey Angel Investor Tax Credit Act to significantly increase the tax credits available for investments in certain technology business ventures. It raises the tax credit from 20% to 60% of the qualified investment made by taxpayers in New Jersey emerging technology businesses, holding companies that transfer funds to these businesses, or qualified venture funds. Additionally, taxpayers may qualify for a higher credit of 65% if they invest in businesses located in qualified opportunity zones or those certified as minority or women-owned. The bill also modifies the definitions of "New Jersey based business" and "New Jersey emerging technology business" by reducing the maximum number of employees from 225 to 150, ensuring that at least 75% of those employees work in New Jersey.

Furthermore, the bill establishes a cumulative cap of $35 million on the total amount of credits that can be approved in any calendar year, allowing taxpayers to carry over unused credits to subsequent years. The New Jersey Economic Development Authority is tasked with implementing regulations to streamline the application process for these credits, including documentation requirements and procedures for recapturing credits if commitments are not fulfilled. Overall, the bill aims to stimulate investment in emerging technology sectors within New Jersey, fostering economic growth and innovation while supporting diverse entrepreneurial ventures.

Statutes affected:
Introduced: 54:10A-5.29, 54:10A-5.30, 54A:4-13