Imagine being an early-state technology or life science company able to sell your net operating losses and unused research & development tax credits to unrelated, profitable corporations for cash?
Applications for an expanded program that has allowed companies to do just that for more than two decades are now available.
The New Jersey Economic Development Authority announced Thursday it is accepting applications for its 2021 Net Operating Loss program, which was expanded through the New Jersey Economic Recovery Act of 2020.
The EDA is accepting applications online through June 30. Apply here.
Hailed as a lifeline for companies that have not yet reached profitability, the capital raised through this program can be used for costs including, but not limited to, the expenses of fixed assets, such as the construction, acquisition and development of real estate; materials; startup; tenant fit-out; working capital; salaries; and R&D expenditures.
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Philip Norcross
Law firm Parker McCay and lobbying firm Optimus Partners might represent the epitome of the politically connected firms – if the news headlines and government watchdogs are to be believed. Philip, an executive at both, is the nexus of those connections. That became evident in 2019, when activists and a task force put together by the Murphy administration outlined Optimus’ and Parker McCay’s alleged influence over the creation of the 2013 tax break program, and in helping businesses win lucrative incentive awards. Philip is the brother of both George Norcross, the South Jersey political kingmaker, and Donald Norcross, a U.S. congressman representing the First Congressional District. With the creation of a new massive tax break legislation, Trenton insiders have been speculating about just what kind of role Philip could play in helping businesses win incentives.