PolitickerNJ Wire Feed

By Jennifer Sciortino | January 31st, 2013 - 4:44pm
| More

Assembly Democrats News Release

Quijano, Schaer, Albano, DeAngelo & Gusciora Bill to Boost Emerging Technology Businesses Signed Into Law

Angel Investor Bill Part of Assembly Democratic Job Creation Efforts

(TRENTON) - Assembly Democrats Annette Quijano, Gary Schaer, Nelson Albano, Wayne DeAngelo and Reed Gusciora sponsored to boost emerging technology businesses and create jobs and economic growth for New Jersey has been signed into law.

The law (S-581/A-1084) is known as the New Jersey Angel Investor Tax Credit Act. Angel investments are investments by wealthy individuals into high-risk start-up ventures.

"Start-up firms receiving such capital have a significantly higher rate of survival, faster growth and superior access to fundraising than early-stage firms devoid of angel financing," said Quijano (D-Union). "It's in New Jersey's best interest to encourage angel investors to examine and invest in technology start-up businesses, as successful start-ups create jobs, generate wealth and enhance the overall well-being in the state."

"These types of investors can play a vital part in New Jersey's economic recovery," said Schaer (D-Passaic/Bergen). "Some angel investors do not just invest in, but also mentor, coach and assist promising start-up enterprises. This is just the kind of program we need to fill the gaps and create new jobs and economic development throughout our state."

"This effort is all about jobs and economic development," said Albano (D-Atlantic/Cape May/Cumberland). "Encouraging this type of investment will go a long way toward jumpstarting our economy and positioning New Jersey as an unquestioned leader in high technology industries."

"Plans like this that encourage a strong business environment ultimately benefit New Jersey's hard-working men and women," said DeAngelo (D-Mercer/Middlesex). "A vibrant business community means better, higher-paying jobs for our working class residents."

"Emerging technology companies are key to our economic future," said Gusciora (D-Mercer/Hunterdon). "These companies, if successful, can not only create jobs, but create good, high-paying jobs that we want as we revive our economy."

The law establishes credits against corporation business and gross income taxes for investing in New Jersey emerging technology businesses.

Subject to certain limitations, the corporation business and gross income tax credits would equal 10 percent of a taxpayer's qualified investment in an emerging technology company with fewer than 225 employees, of whom at least 75 percent are filling a position in New Jersey.

Purchase, production and research agreements would qualify as creditable investments. The program is subject to a $25 million annual cap. Tax credit recipients cannot claim tax credits for that part of an investment in a single company that exceeds $500,000.

If the tax credit amount exceeds a gross income taxpayer's tax liability, the state will issue a refund to the taxpayer in the amount of the excess, while a corporation business taxpayer may choose between having the amount of the excess refunded or carried forward to be applied against tax liabilities in the next 15 years.

On the Net:
The Assembly Democratic Office Web site
NJ Assembly Dems on YouTube
NJ Assembly Dems on Vimeo
NJ Assembly Dems on Facebook
NJ Assembly Dems on Twitter
NJ Assembly Dems e-mail alerts

Contact Info: 

Jennifer Sciortino
NJ Assembly Majority Office
(P) 609-847-3500

The Back Room

National progressive group backs Watson Coleman in CD12

The Progressive Democrats of America Co-Founder and National Director Tim Carpenter and State Chair Mary Ellen Marino today endorsed Bonnie Watson Coleman for the Democratic nomination in the 12thCongressional District.

Read More >

Wake-Up Call

Morning Digest: April 24, 2014

Organization to honor Gov. KeanAn event next month for Community Options, Inc. will celebrate the 25th Anniversary of the organization's founding and honor Governor Tom Kean, Sr., a was an advocate over 25 years ago for bringing individuals with developmental disabilities out of state institutions into small group homes.Robert...

Op-Ed

How the City of Paterson became a city in crisis

By HAYTHAM YOUNES As the May 13th election for Paterson officials nears, I've noticed a lot of candidates running using slogans and empty promises as if they weren't around watching Paterson get to where it's at today. I think it's important that... Read More >

Contributors

(4-23-14) Bridgegate Witnesses Not "RATS" if Testimony is Forced -Superior Court Judge Mary Jacobson’s decision last week was covered in most newspapers and blogs as an affirmation of the... more »
(Absecon Island, NJ) --With his shocking win in last year's election, Atlantic City Mayor Don Guardian emerged as one of the most intriguing figures in the New Jersey political... more »
When it comes to profiling Christie, facts are for wussies (4/10/14) - As the national media stories on our Guv pile up, expect more blunders about the Garden State.... more »
This week I begin a series called Dispatches from Somewhere Else. Based on my on-going experiences as an everyman in New Jersey politics, these Dispatches review the hollowness of... more »

Quote of the Day

Quote of the day

"This is the only Tea Party group that endorsed Mitt Romney. These guys are the Vichy French of the Tea Party movement. They're the guys who say 'Viva la France,' and then you can't find them when the fighting starts. Come on." - GOP strategist Rick Shaftan, on the Independence Hall Tea Party group.

- PolitickerNJ.com

Poll

Who would you back for Governor of NJ in this 2017 general election dream match-up?:

Resources

Visit the PolitickerNJ.com/resources page for links to the best collection of information on New Jersey state government.

 

  • Polls
  • The best blogs
  • Columnists
  • State election results
  • Assembly election results
  • Local party websites
  • And more.

PolitickerNJ.com/resources