We are pleased to report that a key BioNJ policy priority has passed both houses of the New Jersey Legislature. The legislation, which now heads to the Governor's desk, will increase the percentage of New Jersey's Angel Investor Tax Credit Program to help provide much needed early investment to emerging New Jersey life sciences companies. BioNJ has been a strong advocate for this program change for several legislative sessions.
New Jersey's Angel Investor Tax Credit (AITC) Program is a useful tool in ensuring early stage investment in promising life sciences companies. However, the State's program to date has been less generous than other states. Several BioNJ proposals have suggested increasing the value of the State's AITC -- such as BioNJ's "
The New Jersey Biopharma Industry: A Prescription for Growth" whitepaper and the State's Biotechnology Task Force
Final Report.
The legislation was previously approved by the New Jersey General Assembly during its June 20 voting session. The approved legislation mirrors Governor Murphy's economic development plan proposal to increase the State's Angel Investor Tax Credit to 20% with a potential additional 5% bonus for companies meeting additional requirements, such as
women and minority-owned companies or businesses located in Opportunity Zones.
BioNJ applauds and thanks the Primary Sponsors of this legislation (
A5604/S2298): Assembly Representatives Roy Freiman (D-16), Nancy Pinkin (D-18), Matthew Milam (D-1), Chris DePhillips (R-40), Andrew Zwicker (D-16) and R. Bruce Land (D-1) along with Senate Primary Sponsors Kristin Corrado (R-40) and Troy Singleton (D-7).
New Jersey needs to act to ensure that we remain a global hub for biopharmaceutical research where tomorrow's cures are developed and delivered to Patients worldwide. An enhanced Angel Investor Tax Credit will help to attract much needed investors and investments and help companies form, grow and remain in the Garden State. We thank the Legislature for its support of the enhanced AITC and are hopeful that Governor Murphy will support this important measure as well.
