Startups 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
Shared by Geoffrey G. Gussis, Esq., a business lawyer and technology lawyer licensed in New Jersey and New York. Learn more about me, the legal services I provide, and articles I have written. Contact: firstname.lastname@example.org or (732) 898-0549 or (646) 389-2946 for a free consultation.
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