New Jersey Business Resource
Perhaps the most immediately beneficial New Jersey business resource is the state’s “time of application” clause for new business applications. The new rules allow businesses to follow only the regulations that applied at the time their initial application was made, providing increased regulatory certainty and helping avoid costly setbacks that could occur as local governments adopt new regulations.
New Jersey’s “Edison Innovation Fund” provides programs and funding designed to “develop, sustain, and grow technology and life sciences businesses that lead to well-paying job opportunities.” Since 2006, the Fund has provided hundreds of millions of dollars in support to start-up tech firms across the Garden State.
In addition, New Jersey has designated “Innovation Zones” located near research universities for increased public-private collaboration. Tech companies in these zones can access tax credits, grants, and support in the form of laboratory and production space.
The state’s “Technology Business Tax Certificate Transfer Program” allows unprofitable technology and biotechnology companies to sell their unused R&D tax credits to unaffiliated businesses for at least 80 percent of their value. In this way, companies are able to raise additional funds for procuring equipment and facilities, making this New Jersey business resource one that’s sure to drive job creation in the state.