The New Jersey Economic Development Authority (NJ EDA) has approved 41 companies to share a total of $47.4 million through the state’s Technology Business Tax Certificate Transfer (NOL) Program in Fiscal Year 2016.
Administered by NJ EDA and the New Jersey Department of Treasury’s Division of Taxation, the program enables eligible technology and biotechnology companies to sell New Jersey tax losses and/or research and development tax credits to raise cash to finance their growth and operations.
“For more than 15 years, the NOL program has provided a wide variety of New Jersey technology and biotechnology companies with access to capital that is vital to their continued growth in the Garden State,” said NJ EDA Chief Executive Officer Melissa Orsen.
Since the program was established in 1999, more than 500 businesses have been approved for awards totaling $860 million. The average benefit amount for companies approved this year totals approximately $1.16 million. Five companies are participating in the NOL program for the first time in FY 2016. Twenty-one of the participating companies have previously participated in other programs offered by the state, such as the Angel Investor Tax Credit Program. A complete list of NOL award recipients can be found online.
“The fact that so many of this year’s participants have benefited from other programs reinforces the state’s pledge to bolster New Jersey’s vibrant technology ecosystem,” said Orsen.
Among the businesses sharing the NOL funding is Electromagnetic Technologies Industries, Inc. (ETI), Boonton, a high-tech engineering firm and manufacturer of state-of-the-art radio and microwave frequency, broadband subsystems and components.
“As an engineering firm, we are always monitoring the trends in both the defense and commercial industries to react quickly to the needs of our existing and potential customers,”said ETI President and CEO Dr. John Howard. “We pride ourselves on being able to provide alternative solutions not considered by our customer. In order to provide innovative solutions, ETI spends time and money on research and development, typically at its own cost. The NOL Program allows ETI to generate revenue to support its R&D work.”
Roka Bioscience, Inc., Warren, a molecular diagnostics company focused on developing and commercializing advanced testing solutions for the food safety testing market, will also receive NOL funding.
“We are so pleased to have the opportunity to participate in this state initiative,” said Roka BioScience CEO Paul Thomas. “The proceeds we received through the NOL Program have enabled us to further the development and commercialization of our innovative food safety assays. Programs such as this help us to continue and strengthen our objective of bringing new technologies to the food industry to better protect our nation’s food supply. We sincerely appreciate the support the State of New Jersey has given us.”