New Jersey Economic Development Authority
04/25/2024 | Press release | Distributed by Public on 04/25/2024 13:02
NJEDA to Open Applications for 2024 NOL Program
April 25, 2024
2minute read
NJEDA to Open Applications for 2024 NOL Program
TRENTON, N.J. (April 25, 2024) - The New Jersey Economic Development Authority (NJEDA) is opening applications for the 2024 Technology Business Tax Certificate Transfer Program, commonly known as the Net Operating Loss (NOL) program, on Wednesday, May 1st. The NOL program allows early-stage technology and life sciences companies in New Jersey to sell a percentage of their net operating losses and unused research and development (R&D) tax credits to unrelated profitable corporations for cash.
WHAT: The NOL program supports innovative start-ups by enabling qualified, unprofitable New Jersey-based technology or biotechnology companies with fewer than 225 U.S. employees to sell a percentage of their net operating losses and R&D tax credits. Up to $75 million in funding is available annually under the NOL program, with $15 million set aside for businesses located in the state's three Innovation Zones of Newark, Camden, and the Greater New Brunswick area, businesses within Opportunity Zones, or certified minority- or woman-owned businesses.
Participants can use the capital raised through the NOL Program to help cover allowable operating costs such as salaries, R&D, and other working capital expenditures.
Since the program's inception over 25 years ago, the NOL program has awarded more than $1.95 billion in tax credits to over 580 innovative companies in New Jersey.
WHEN: The NJEDA will begin accepting applications for the 2024 NOL program on Wednesday, May 1st, at 12 a.m., and close applications on Thursday, June 30th, at 11:59 p.m. Visit https://www.njeda.gov/nol/ for more information.
For more information on eligibility and the application process, the NJEDA is hosting an informational webinar on Thursday, May 9th, at noon. To register, click here.
About the NJEDA
The New Jersey Economic Development Authority (NJEDA) serves as the State's principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey's long-term economic competitiveness.
To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA onFacebook, Twitter, Instagram, and LinkedIn.
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