NJ S4619

Expands the definition of "principal business operations" to include businesses headquartered in New Jersey that have the largest percentage of their U.S.-based full-time employees (excluding retail workers) located in the state compared to any other state

Increases the maximum qualified investment cap from $5 million to $10 million for initial investments in qualified businesses, and from $6.25 million to $12.5 million for investments in university spin-offs, minority-owned, or women-owned businesses

Raises the threshold that triggers a pause on tax credit auctions from $15 million to $50 million in available unallocated funds from prior auctions

Requires qualified investments to either match a venture firm's initial investment in a qualified business or, for businesses with prior venture firm investments, occur at a higher valuation verified by independent third-party valuation or third-party investor participation

Reduces annual reporting requirements by limiting the certified public accountant verification to only the audited financials of qualified venture firms and special purpose vehicles, rather than all reported information