On January 31, 2013, Governor Chris Christie signed into law the New Jersey Angel Investor Tax Credit Act (the “Act”), which is intended to incentivize investment in New Jersey technology businesses. The Act provides tax credits retroactively to January 1, 2012, for investments in emerging technology companies.
The Act allows Angel investors a credit against their New Jersey corporate or gross income taxes equal to 10% of a qualified investment in a New Jersey emerging technology business. A “qualified investment” is a nonrefundable cash transfer to a New Jersey emerging technology business by a taxpayer who is not related to the business. The transfer must be: (1) in exchange for stock, interests in partnerships or joint ventures, licenses, rights to use technology, marketing rights, warrants, options, or any similar items, including options or rights to acquire one of the listed rights; or (2) in connection with a purchase, production or research agreement.
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