TRENTON, Nj-The state Economic Development Authority has approved 54 technology companies to receive a total of $60 million in benefits through its competitive program allowing such companies to sell tax losses or research and development tax credits to finance their businesses.
The allocations were made through the Technology Business Tax Certificate Transfer Program – known as NOL.
Since the program was established in 1999, more than 490 businesses have been approved for awards totaling $770 million. Each of the 54 applicants approved this year will receive an estimated $1.1 million, which is 21% more than last year.
"The NOL program continues to be the most popular and the most effective support for these early-stage companies,” said the EDA's CEO, Michele A. Brown. "These companies have been able to raise capital and build their businesses in New Jersey as a result of this innovative program. This is exactly the kind of vital support this sector needs.”
Administered by the EDA and the state Division of Taxation, the program is open to technology or biotechnology companies with fewer than 225 employees. It makes them eligible to sell tax credits for net operating losses and research and development to other companies for up to 80% of value, up to a maximum benefit of $15 million per business.
Companies that benefited this year include:
- New Brunswick-based Connotate, Inc., which is involved in Web data extraction and monitoring
- Princeton Power Systems of Princeton, a designer and manufacturer of technology for energy management, micro-grid operations and electric vehicle charging
- Eagle Pharmaceuticals, a Woodcliff Lake-based pharmaceutical company which develops improved formulations of injectable products.
- Agilence Inc., of Mount Laurel, a producer of technology for retail loss prevention and operations.
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