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Governor Christie Signs Tax Credit Program to Benefit Angel Investors

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Governor Christie Signs Tax Credit Program to Benefit Angel Investors

By Startup Valley (337 words)
Posted in Equity Crowdfunding on February 18, 2013

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Governor Chris Christie has always been vocal about supporting new businesses and startup companies. Recent news has stated that Christie has signed new legislation that will encourage angel investors and entrepreneurs alike. The New Jersey Angel Investor Tax Credit Act is intended to provide further incentives to investors. The $25 Million Angel Investor Tax Credit Program will play a key role in allowing more startups to launch their company sooner than expected from heavy incentives for investors to supply more funds to these businesses.

What makes “the act” so attractive is that it offers a credit of 10% of the total investment towards yearly income taxes. This only applies to those who are a part of a qualified investment thus one in a New Jersey emerging technology business. The cash transfer must be used only for specific purposes, such as: stock, marketing, warrants, new technology, rights, licenses, or those similar to these. There has never been a credit that has supported emerging technology industries in New Jersey before.

“Many innovations that make it to market across the world begin here in New Jersey in cornerstone industries like pharmaceuticals and the life sciences and information technology with high-skill, high-wage jobs that anchor our economy and communities,” said Governor Christie. 

“To secure our state’s leadership in these fields and foster growth and innovation in cutting-edge emerging technology industries, we must have policies that support New Jersey’s own start-ups in these fields. This Angel Investor Tax Credit program will help achieve just that by incentivizing millions of dollars in private investment in New Jersey’s entrepreneurial businesses, with jobs right here in the Garden State, to research, test, or commercialize the next advancements in our society.”

The New Jersey Angel Investor Tax Credit Act can strongly influence growth and earning potential for new businesses. The maximum allowed credit per qualified investment per investor is $500,000 every tax year. The credit is applied to the gross income tax liability.

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