The New Jersey Economic Development Authority has approved 60 Angel Investor Tax Credit program applications this year, helping to put nearly $39 million into 20 different technology and life science companies, the EDA announced late Friday.
The Angel Investor Tax Credit Program offers a 10 percent refundable tax credit against New Jersey corporation business or gross income tax for qualified investments in an emerging technology business with a physical presence in New Jersey and that conducts research, manufacturing or technology commercialization in the state. Applications must be submitted within six months of date of investment.
In the second quarter of 2018 alone, 36 investors pumped nearly $16.9 million through the program. The average investment size was $469,099.
“The fact that more people are supporting early-stage companies and the ground-breaking work they are doing reaffirms Gov. (Phil) Murphy’s vision for re-establishing New Jersey’s leadership position in the innovation economy,” EDA CEO Tim Sullivan said.
“These latest Angel Investor Tax Credit Program statistics illustrate how New Jersey’s expanding portfolio of support spurs innovation throughout the entire technology and life sciences sector.”
Sullivan noted that, in the second quarter of 2018, approvals included investments in three companies that were new to the program, totaling $2.7 million in combined private investment.