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49 Companies Approved to Sell $54.5M in Net Operating Losses, Tax Credits for Cash On Mar 12, 2021
The New Jersey Economic Development Authority (NJEDA) sent final approval letters last week to the 49 technology and life sciences companies that are participating in the 2020 Net Operating Loss (NOL) Program.
Hailed as a lifeline for New Jersey companies that have yet to reach profitability, the NOL Program enables participants to sell their New Jersey net operating losses and unused research and development (R&D) tax credits to unrelated profitable corporations for cash. The cash can then be used for working capital or to fund research. The NJEDA and the New Jersey Department of Treasury’s Division of Taxation jointly administer the program.
The New Jersey Economic Recovery Act Of 2020: An Overview Of The Main Street Recovery Finance Program | Greenbaum, Rowe, Smith & Davis LLP
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The New Jersey Economic Recovery Act of 2020: An Overview Of The New Jersey Historic Property Reinvestment Program | Greenbaum, Rowe, Smith & Davis LLP
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The New Jersey Economic Recovery Act of 2020, a seven-year, $14 billion package of incentive programs intended to encourage New Jersey job growth, property development and redevelopment, community partnerships, and numerous other economic development initiatives, was signed into law by Governor Phil Murphy on January 7, 2021.
This Client Alert focuses on the New Jersey Community-Anchored Development Program, which was enacted under the new legislation to provide tax credits to “anchor institutions” to encourage the expansion of targeted industries in certain areas of New Jersey.
Incentivizing Anchor Institutions
The New Jersey Community-Anchored Development Program aims to incentivize anchor institutions in the areas of education, healthcare, culture, community development, and economic development to act as investors in large-scale development projects within New Jersey. Under the program, an anchor institution wil
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The New Jersey Economic Recovery Act of 2020 (ERA), a seven-year, $14 billion package of incentive programs intended to encourage New Jersey job growth, property development and redevelopment, community partnerships, and numerous other economic development initiatives, was signed into law by Governor Phil Murphy on January 7, 2021.
This Client Alert focuses on the New Jersey Aspire Program, enacted as part of the ERA to provide tax credit incentives to developers to help close project financing gap costs associated with commercial, mixed use, and residential real estate development projects that could otherwise prevent those projects from becoming a reality. The Aspire Act is poised to serve as the replacement program for the Economic Redevelopment & Growth (ERG) Program.