
Dan Brecher
Counsel
212-286-0747 dbrecher@sh-law.comFirm Insights
Author: Dan Brecher
Date: April 8, 2014
Counsel
212-286-0747 dbrecher@sh-law.comIf you have invested in a qualifying emerging technology business in New Jersey in 2012 or after, you may have a beneficial tax credit available to you. A qualifying investor can be an entity of any kind or an individual. Also, if you are an out of state investor you can simply file a zero income tax return with New Jersey and submit your return to the New Jersey Economic Development Authority to obtain a refund.
The New Jersey Angel Tax Credit allows an eligible investor to apply for a tax credit against the New Jersey corporation business or gross income tax. In fact, 10% of your qualified investment, up to a maximum allowed credit of $500,000 for each qualified investment, can be credited.
There are four criteria that must be met for the New Jersey emerging technology business to be qualified:
The tax credits may be refunded as an overpayment, but no interest on the overpayment will be paid.
A non-refundable application fee in the amount of $500 applies for investment amounts of $50,000 or less, and $1,000 for investment amounts exceeding $50,000. There is also an approval fee for qualified investments over $50,000, which is 5% of the amount of the tax credit or $2,500, whichever is greater. Your application fee can be credited toward payment of the approval fee.
If you have any questions about the New Jersey Angel Tax Credit or would like to discuss your investment strategies, please contact me or the Scarinci Hollenbeck attorney with whom you work.
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