Alright, buckle up folks because we’re diving into the latest scoop on economic development in New Jersey. So, the New Jersey Economic Development Authority (NJEDA) recently spilled the beans on the Technology Business Tax Credit Certificate Transfer Program, also known as the Net Operating Loss (NOL) Program. Brace yourselves for some eye-opening stats!
According to the report, over half of the 589 NOL program recipients are still kicking it in New Jersey, employing around 31,200 workers and churning out a whopping $28.1 billion in direct and indirect economic impact in 2024. Since 1999, these companies have brought in a cool $2.84 billion in tax impact, all while the program cost them $1.35 billion. Talk about getting bang for your buck! The survival rate of these recipients stands at a solid 72 percent, which is more than double the industry benchmark. Not too shabby, Jersey!
The NJEDA’s big cheese, Tim Sullivan, couldn’t help but gush about the NOL Program, calling it a game-changer for nearly 600 tech companies in the state. Debbie Hart, the President and CEO of BioNJ, also chimed in, praising the program for its role in supporting early-stage businesses and putting Jersey on the map in the biotech and life sciences world. It’s like the NOL Program is the fairy godmother of startups, waving its wand of innovation and job creation everywhere it goes!
Now, here’s the juicy part – up to $75 million is up for grabs each year under the NOL program, with a sweet $15 million earmarked for businesses in Newark, Camden, and the Greater New Brunswick area. Plus, if you’re in an Opportunity Zone or a certified minority or woman-owned business, you’re in luck! You can use the cash from the program to cover all sorts of business expenses, from salaries to R&D to just keeping the lights on. It’s like Christmas came early for these companies!
Kathleen Coviello, NJEDA’s Chief Economic Transformation Officer, is all about singing the praises of the NOL Program, calling it a key player in Jersey’s startup scene. She’s all about that support from academia, government, and the private sector, creating a real win-win situation for everyone involved. The recent economic impact report, courtesy of Econsult Solutions Inc., really drives home the point that investing in emerging companies pays off big time for Jersey, bringing in those tax dollars, creating jobs, and sparking new ideas and products. It’s like hitting the jackpot, but for the economy!
If you’re itching to get in on the action, applications for the 2025 NOL program are open until June 30th, so don’t snooze on this opportunity! For all the deets on eligibility and how to apply, head over to http://www.njeda.gov/nol. And for more business news that’ll make your head spin (in a good way), swing by NJB News Now. Stay tuned for more updates on all things economic development in the Garden State!
