New Law Raises Tax Credit Amount Under “New Jersey Angel Investor Tax Credit Act”

Trenton, New Jersey –  On Sunday, Governor Murphy signed into law a new measure that seeks to encourage investment into women and minority owned businesses.

Introduced by Assembly members Roy Freiman, Nancy Pinkin, Matthew Milam, Andrew Zwicker and R. Bruce Land, the law increases the Angel Investor Tax credit percentage by a taxpayer into a New Jersey emerging technology business from 10 to 20 percent of the qualified investment.   

The law also stipulates that a taxpayer may be allowed a tax credit of 25 percent of the qualified investment if the emerging technology business is located in a qualified opportunity zone, low-income community, or is a certified minority or women-owned business.

 

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