New Jersey to offer Millions in Entertainment Tax Credits

Entertainment Tax CreditsNew Jersey is back in the film and television business and will provide millions in entertainment tax credits. Will we see Game of Thrones: Jersey Shore Edition?

“Gov. Phil Murphy signed a much-anticipated bill that would provide upward of $85 million in film tax credits a year, in an effort to bolster the state’s film industry. The bill…was tweaked following a conditional veto by Murphy, so that the bill’s proponents would insert language covering reality TV shows, which had been previously excluded. Senate Bill 122, the Garden State Film and Digital Media Jobs Act, would restore tax-credit incentives for New Jersey-based productions… Read More >

NJ State Budget Finished; Economy Work in Progress

Read: State budget is done. Now it’s time for N.J. to work on ‘stronger’ economy at ROI-NJ

NJ To Have Highest Corporate Tax Rate in Country?

“After Gov. Phil Murphy doubled down on the millionaire’s tax Monday morning, state Senate President Stephen Sweeney and Assembly Speaker Craig Coughlin doubled down on a corporate business tax hike — suggesting an increase that would give New Jersey the highest corporate tax rate in the country. Sweeney (D-West Deptford) and Coughlin (D-Woodbridge) revealed at an afternoon news conference Monday that the Legislature is pursuing a corporate business tax on C-corps to the tune of 11.5 percent for companies with revenues from $1 million to $25 million, and to 13 percent for companies earning more than $25 million.”

Read: Is N.J. headed for highest corporate tax rate in country? at ROI-NJ

New Jersey CTO Chris Rein to Centralize State IT

New Jersey CTO Chris ReinNew Jersey CTO Chris Rein will look to centralize State IT assets and hopefully modernize them as well.

“New Jersey’s second-ever dedicated chief technology officer, Chris Rein, said he’ll be taking a close look at the state’s ongoing IT consolidation and making recommendations to the governor…As CTO, Rein said he has several distinct challenges including stabilizing and improving the state’s existing IT infrastructure in close collaboration with its cybersecurity team. The goal, he noted, is to try to drive that innovation while ensuring heavily utilized government services like unemployment insurance and the Department of Motor Vehicles become more seamless.”

Read: IT Centralization, Relationship Building Among Focuses For New Jersey CTO at NJTechWeekly

State Unveils Research with NJ Database to Foster Collaboration

Research With NJ DatabaseThe new Research with NJ Database promises to be an interesting source of information, and one that may help foster innovation, collaboration and partnerships in STEM and other areas.

“New Jersey government, higher education, and science and technology officials announce the Research with NJ database at the 2018 BIO International Convention. New Jersey unveiled Research with NJ, a database aimed at boosting collaborations and relationships in STEM fields at five universities, Tuesday at the annual Biotechnology Innovation Organization conference. The new portal at www.researchwithnj.com is free to use and is intended to serve as a hub for businesses, universities, students and media….“Research with NJ will enhance our ability to present the full scope of what New Jersey can offer companies considering locating in the State,” Choose New Jersey CEO and President Jose Lozano said. “This valuable tool will be a boon to encouraging economic development in sectors known for creating good paying, skilled jobs.”

Read: State unveils Research with NJ database, to help STEM industries, N.J. universities collaborate better at ROI-NJ

Navigating Company Culture Key to Climbing the Tech Career Ladder

Climbing the Tech Career LadderClimbing the tech career ladder is not as simple as some would make it. Sometimes, guidance is needed and fortunately many groups exist that can help you think through the steps you need to take to continue your progress.

“Jenna Gaudio spoke to the Jersey Shore Women in Tech meetup (Asbury Park) in February about how to navigate a career in tech, using examples from her own climb up the ladder. “Whether you are at the top or just starting out, we all face issues along the way, and need help navigating them,” she told the group. People are told to “make it happen,” but they need to know how to get started, what to do if they fail and whom can they go to if they need help. That’s why groups like the Jersey Shore Women in Tech meetup group are important, she said.”

Read: Learning How to Navigate Company Culture Key to Climbing Tech Career Ladder at NJTechWeekly

TechLaunch and Rutgers EcoIgnite Offer Free Bootcamp for Tech Entrepreneurs

TechLaunch and Rutgers EcoIgniteWorking on a clean-tech or tech startup? TechLaunch and Rutgers EcoIgnite are offering a free bootcamp that may help you propel your business forward.

“If you are struggling to launch your startup dream into reality but can’t see the forest from the trees on the entrepreneurial landscape, come join us for an exciting and informative weekend that has the potential to change your life. It’s a complete and intensive two-day program focused on what it takes to launch tech companies into today’s competitive marketplace.” That was the pitch for the new TechLaunch Startup Bootcamp, to be held the weekend of June 9-10 at Rutgers Business School in Piscataway. The deadline for applications is June 4 and the “class” will be kept to under 25 people.”

Read: TechLaunch and Rutgers EcoIgnite Offer Free Bootcamp for Aspiring Clean-Tech and Tech Entrepreneurs at NJTechWeekly

High-Tech Tax Credit Zones Proposed For New Jersey

High-Tech Tax Credit ZonesHigh-tech tax credit zones are under consideration in New Jersey and could be a boon to Camden, Newark and New Brunswick. Yes, you read that right, high-tech tax credit zones. In a State known for its high taxes, a welcome relief and one that certainly could be a boost for the burgeoning electronic Garden State. Maybe the State is getting a little worried now that States like Texas and Indiana are actively looking to poach New Jersey businesses.

“As part of the latest effort to lure the high-tech industry to New Jersey, state officials are backing a measure that would offer tax incentives to those kinds of industries. Senate Bill 848 would have the state’s Economic Development Authority establish innovation zones around Camden, New Brunswick and Newark and provide tax incentives for businesses that create high-tech jobs within those zones. It describes such zones as the geographic area surrounding a research institution.”

Read: High-tech tax credit zones proposed for New Jersey at NJBIZ

Found Money: New Jersey EDA Net Operating Loss Program

New Jersey EDA Net Operating Loss ProgramStartups should take a look at the New Jersey EDA Net Operating Loss Program. It can be a great way for startups with net operating losses to get the cash they need to help them grow. In a State known for its high taxes, this program may be as close to “found money” as a startup will find anywhere. While the program itself is small, it’s a great resource to help boost New Jersey’s tech sector.

“…There’s a program from the State of New Jersey that will give not-yet-profitable tech and life-science startups an average of $1 million in undiluted cash to do with as they please: plow it into R&D, hire more people or finance new equipment. The bottom line of the Technology Business Tax Certificate Transfer (NOL) Program is that local startups that have intellectual property are allowed to sell their R&D tax credits or their state tax losses to companies, like PSE&G, that need tax breaks. There is $60 million set aside for this program.”

Read: Opinion: Apply for the New Jersey EDA’s Net Operating Loss Program—It’s Like Found Money at NJTechWeekly

Texas Messing with New Jersey

Texas Messing with New JerseyHot off the heels of the news of Indiana’s billboard campaign to lure New Jersey businesses out of the state, we now have Texas messing with New Jersey. Lower taxes, BBQ, warmer weather, etc., do they really think these things can win us over?

“The election of a progressive governor intent on raising taxes seems to have some people thinking New Jersey is easy pickings. Indiana is putting billboards on our highways in an attempt to lure New Jersey companies to the Hoosier State. And Texas Gov. Greg Abbott recently wrote a biting column for The Star-Ledger urging New Jersey residents to move to his state. “In Texas, we’re focused on lowering taxes, not raising them,” Abbott wrote.”

Read: Don’t mess with Texas? Texas better not mess with Jersey at ROI-NJ

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