This bill amends the New Jersey Innovation Evergreen Act by refining definitions and eligibility criteria for businesses in the program. A new definition for "Headquarters" is introduced, identifying it as the primary location for high-level business activities. The definition of "Principal business operations" is also expanded to include businesses with headquarters in New Jersey that employ the largest percentage of full-time employees, excluding those primarily engaged in retail sales. These changes aim to clarify and enhance the criteria for business participation in the program.

Additionally, the bill modifies financial parameters, increasing the maximum initial investment for qualified investments from $5 million to $10 million, and for certain qualifying businesses, from $6.25 million to $12.5 million. It raises the threshold for the New Jersey Economic Development Authority to auction tax credits from $15 million to $50 million. The bill also establishes that a qualified investment must match or exceed a venture firm's initial investment based on independent valuation. Furthermore, it streamlines reporting requirements for qualified venture firms, reducing the burden by limiting the need for comprehensive financial statements.

Statutes affected:
Introduced: 34:1B-289, 34:1B-290, 34:1B-298, 34:1B-299, 34:1B-302