New Jersey Economic Development Authority Approves Investor Tax Credits To Four Firms
"Investors have pumped more than $46 million in private investment funding into New Jersey tech companies since the Angel Investor Tax Credit program was established last year," EDA CEO Michele Brown said. "This program continues to strengthen New Jersey’s competitive edge and encourage investment in our most promising companies."
Companies benefitting from state incentives include:
ElectroCore, which will benefit from three Angel Investor Tax Credit investments totaling $10.33 million. The electroceutical healthcare company, whose global headquarters are in Basking Ridge, develops non-invasive, patient-administered therapies for treatment for neurological, psychiatric and gastroenterology conditions.
A $4.25 million Angel Investor Tax Credit investment was also approved in support of Princeton-based Agile Therapeutics, a women’s health specialty pharmaceutical company focused on the development and commercialization of new prescription contraceptive products.
Agile twice benefitted from the state’s innovative Technology Business Tax Certificate Transfer Program to support its continued growth. Administered by the EDA, the NOL Program allows emerging technology and life sciences companies to sell net operating losses and research and development tax credits to unrelated profitable corporations in order to raise cash to finance their growth and operation.
In addition, the Board yesterday approved a $140,000 Angel Investor Tax Credit investment to support Aucta Pharmaceuticals, which is one of more than two dozen current tenants at the EDA’s Commercialization Center for Innovation Technologies, located in North Brunswick. Aucta Pharmaceuticals is a new drug product development company concentrating on novel and generic formulation product development.
Twenty-one investments totaling more than $2.9 million were also approved to support New Brunswick-based Zipz Inc. The company utilizes specialized plastics and processes to innovate the single-serve wine category.
Signed into law by Governor Christie in January 2013, the Angel Investor Tax Credit program provides credits against New Jersey corporation business or gross income tax for 10 percent of a qualified investment in an emerging technology business with a physical presence in New Jersey and that conducts research, manufacturing, or technology commercialization in the state. Investors do not need to be New Jersey residents, nor have any state tax liabilities to take advantage of this program.
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