The state Economic Development Authority announced Monday that 75 emerging technology and biotechnology businesses have been approved to share the $60 million allocation available through the state governmentâ€™s innovative Technology Business Tax Certificate Transfer Program.
The competitive program enables companies to sell New Jersey tax losses or research and development tax credits to raise cash to finance their growth and operations. Since the program was established in 1999, over 1,530 applicants have been approved for $630 million. The 75 applicants approved for this year are estimated to receive, on average, approximately $800,000, more than double last year's average.
"The ability to sell losses has proven to be a critical lifeline for early-stage firms, and companies that have been able to raise capital and build their businesses in New Jersey represent the success and effectiveness of this important program,â€ť EDA Chief Executive Officer Caren S. Franzini said.