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

Wake-Up Call

Morning Digest: July 30th

  With looming deadline on bail reform, Christie calls Legislature into special session TRENTON - Gov. Chris Christie is calling the legislature into special session Thursday to address recent bail reform legislation before a looming deadline next week, according to a letter from the governor’s office today. (Brush/PolitickerNJ)...

Op-Ed

The health of New Jersey's women is not Chris Christie's priority

By Linda Stender At his most recent town hall, Gov. Chris Christie accused his predecessors of "monkeying with the math" when it comes to their handling of our state's economy. But as the old saying goes, when the governor points a finger, he... Read More >

Contributors

(7-30-14) Who Is Best Equipped to Decide the Fate of the Common Core? - The latest Christie controversy surrounds his Executive Order to revamp the state’s academic... more »
 The following letter was sent today to Republican state legislators, county chairs, state committee members, and New Hampshire... more »
The Perry-Paul Debate is Healthy for the GOP – and for America  The foreign policy debate in the media between prospective GOP Presidential candidates Texas Governor Rick Perry and... more »
(Washington DC)-- Two recent votes on Capitol Hill suggest an overdue and radical departure from our nation's Draconian and costly War on Drugs.  It's a long-overdue discussion (and not just... more »

Quote of the Day

quote of the day

"Assembly Speaker Vincent Prieto, a Hudson County Democrat, is balking. He claimed Tuesday that members of his caucus are divided over the measure and that his house is in no real rush – besides, even if enacted this year, the reforms would not take effect until 2017, he said. And with the growing belief that Christie could skip town to run for president, some Democrats are not eager to give him another talking point for his résumé. Christie’s plans to stump for Republican candidates in New Hampshire later Thursday only fuel that suspicion." - columnist Charles Stile

- The Bergen Record

Poll

Who's right on the bail reform special session?:

Blogroll

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