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NJ S1629
Bill
Status
1/9/2024
Primary Sponsor
Andrew Zwicker
Click for details
AI Summary
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Increases the standard tax credit for qualified investments in New Jersey emerging technology businesses from 20% to 30% of the investment amount, applicable against both gross income tax and corporation business tax
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Raises the enhanced tax credit from 25% to 35% for investments in emerging technology businesses located in opportunity zones or low-income communities, or certified as minority-owned or women-owned businesses
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Maintains the existing $500,000 maximum tax credit per qualified investment per tax year for each taxpayer
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Preserves the $35,000,000 annual cap on total credits approved statewide under the Angel Investor Tax Credit program
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Applies to taxable years and privilege periods beginning on or after January 1 following enactment
Legislative Description
Increases tax credits for investments made in emerging technology businesses under "New Jersey Angel Investor Tax Credit Act."
Economic Growth
Last Action
Introduced in the Senate, Referred to Senate Economic Growth Committee
1/9/2024