16 NJ Tech Firms Take Advantage of 2015 Business Tax Certificate Transfer Program

Each year, the New Jersey Economic Development Authority (EDA) announces the names of the companies that have been approved to share in the Technology Business Tax Certificate Transfer Program, known as NOL, for the next fiscal year 2015. Last year’s list appears here.

This year there are 16 companies classified as tech on the list. In total, 44 applicants were approved to share in the $54 million allocation for this program. Last year 54 applicants shared $60 million. This year’s list of all those selected including bio tech firms can be found here.

Basically, the NOL program lets tech and biotech companies with protected intellectual property sell their New Jersey tax losses and/or research and development tax credits to raise cash to finance their growth and operations. An informative presentation of all of the requirements of this program can be found here.

The EDA says that since the program was established in 1999 more than 500 different businesses have been approved for awards totaling $820 million. The tech companies who participated this year can be found in the table below.

 “The NOL program is a key example of the State’s continued investment in New Jersey’s technology ecosystem,” EDA Chief Executive Officer Michele Brown said. The “program has provided hundreds of New Jersey tech and biotech companies with access to capital that is vital to their continued growth in the State,” she added in a statement.