
TRENTON, N.J. (Jan. 7, 2014) – The Christie Administration’s efforts to grow the state’s technology, biotechnology and life sciences sectors flourished in 2013 with an unprecedented amount of support in various forms to these sectors spanning the last four years. In 2013, the New Jersey Economic Development Authority (EDA) Board approved more than 70 projects to support our “innovation” economy, leading to an estimated 1,770 new jobs in the clean energy, technology and life sciences sectors. Please see accompanying infographic which illustrates the statewide impact of technology support.
Following the launch of the Angel Investor Tax Credit program in July, the New Jersey Economic Development Authority (EDA) has approved 28 investments, representing a total of more than $14 million in private investment in start-up tech and biotech companies. Signed into law by Governor Christie in January, the program was developed as a tool to create an innovation-friendly atmosphere, providing credits against New Jersey corporation business or gross income tax for 10 percent of a qualified investment in an emerging technology business with a physical presence in New Jersey and that conducts research, manufacturing, or technology commercialization in the state. Businesses with fewer than 225 employees, 75 percent of whom must work in New Jersey, are encouraged to apply for this program.