Applications for NJEDA NOL Program to Close on June 30th

TRENTON, N.J. (June 25, 2024) – The New Jersey Economic Development Authority (NJEDA) will close applications for the 2024 Technology Business Tax Certificate Transfer Program, commonly known as the Net Operating Loss (NOL) program, on Sunday, June 30th. The NOL program allows early-stage technology and life sciences companies in New Jersey to sell a percentage of their net operating losses and unused research and development (R&D) tax credits to unrelated profitable corporations for cash.  

WHAT:            The NOL program supports innovative start-ups by enabling qualified, unprofitable New Jersey-based technology or biotechnology companies with fewer than 225 U.S. employees to sell a percentage of its net operating losses and R&D tax credits. Participants can use the capital raised through the NOL Program to help cover allowable costs incurred in connection with operating their businesses such as salaries, R&D, and other working capital expenditures.

                        Since the program’s inception over 25 years ago, the NOL program has awarded more than $1.95 billion to over 580 innovative companies in New Jersey.

WHEN:           Applications will close on Sunday, June 30^th, at 11:59 p.m. No new information can be provided after the deadline. Visit https://www.njeda.gov/nol/ for more information.         

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.