SSTI Digest

Geography: New Jersey

NJ Launches Green Technology Fund, Withdraws from Climate Initiative

New Jersey's Economic Development Authority announced the Edison Innovation Green Growth Fund (EIGGF), a new loan program with a performance grant component to grow the state's energy efficiency and Class 1 renewable energy technology companies. The fund offers five-year fixed term loans of up to $1 million to eligible companies that have begun generating commercial revenues and are seeking matching funds (1:1 by the time of loan closing). If the company achieves certain milestones, up to 50 percent of the loan will convert to a performance grant at the end of year five. The program is supported by funding through the state Board of Public Utilities. Eligible technologies include:

Expanding Tax Credits for R&D, Tech Commercialization Among Govs' Priorities in NJ, LA

Recognizing the value in supporting companies that innovate to create high-quality jobs, governors in New Jersey and Louisiana recently outlined proposals to enhance tax incentives for R&D, technology commercialization, and transferable tax certificates during the upcoming legislative sessions. In New Jersey, Gov. Chris Christie proposed increasing the R&D tax credit to 100 percent and restoring full funding for the Technology Business Tax Certificate Transfer program as part of his FY12 budget recommendations. Louisiana Gov. Bobby Jindal announced his intentions to work with the legislature to extend and enhance two innovation-related tax incentives — the R&D tax credit and the Technology Commercialization Credit/Jobs Program — when the session convenes in April.
New Jersey

Digest Update on Angel Tax Credit Measures: MI Enacts; NJ Gov Vetoes

SSTI recently reported on two important bills passed by lawmakers in Michigan late last year and in New Jersey earlier this year that would provide incentives for taxpayers who invest in emerging technology companies. As an update to the Dec. 8, 2010 and Jan. 12, 2011 stories, both former Michigan Gov. Jennifer Granholm and New Jersey Gov. Chris Christie have taken action on the bills with opposing outcomes. Gov. Granholm signed HB 5921 into law on December 14, enacting a measure to provide a 25 percent personal tax credit for individuals who invest at least $20,000 in qualified seed and early stage companies. Gov. Chris Christie on Friday vetoed S.2454, the New Jersey Angel Investor Tax Credit Act, along with 13 other bills approved by lawmakers in January as part of a jobs package. The bill would have provided a tax credit of 10 percent of a taxpayer's qualified investment in emerging technology companies with less than 225 employees, capped at $25 million annually. Gov. Christie criticized lawmakers for not providing a funding source and unveiled this week a somewhat similar package of tax cuts for business alongside the FY12 executive budget proposal. Read the governor's veto message:

Tech Talkin' Govs, Part VI

The sixth installment of SSTI's Tech Talkin' Govs series includes excerpts from speeches delivered in Connecticut, Illinois, New Hampshire, New Jersey and North Carolina. The first five installments are available in the Jan. 5, Jan. 12, Jan. 19, Jan. 26 and Feb. 9 issues of the Digest.

TBED People

Maine Governor Paul LePage named Phillip Congdon as the new commissioner of the Department of Economic and Community Development. Cogndon is a licensed professional engineer who spent more than 20 years with Texas Instruments in Dallas. He replaces Acting Commissioner Thaxter Trafton.

NJ Angel Tax Credit Passes Legislature, Awaits Gov's Action

New Jersey lawmakers last week approved several bills as part of the "Back to Work NJ" economic development and jobs plan proposed by Democratic legislative leaders. Among the measures approved is The New Jersey Angel Investor Tax Credit Act (S.2454) providing incentives to taxpayers who invest in emerging technology companies. Gov. Chris Christie has yet to take action on the package of the bills, which could cost the state up to $805 million in business subsidies and lost corporate tax revenue in the coming fiscal year, reports New Jersey Newsroom.

NJ Session Produces Economic Development Shake-Up, Incentives for Wind Energy

A new state agency to promote innovation and job creation in New Jersey was established by Gov. Chris Christie earlier this year. Envisioned as a hub for all economic development activity, the New Jersey Partnership for Action consists of three interconnected organizations to promote the state's incentives and resources, develop pro-growth policies, and assist businesses in navigating government programs. The governor's promise of a more effective strategy for economic development activity comes at the same time of severe reductions to the state's technology-based initiatives, however. High-tech business tax credits are reduced by half in the upcoming year, and with no funding allocated for the New Jersey Commission on Science and Technology, the 25-year-old agency will close its doors this month.

New Jersey Gov Proposes Overhaul of Business Incentive Programs

The $29.3 billion total spending plan for FY11 outlined last week by Gov. Chris Christie eliminates or significantly reduces funding for business incentive programs, including InvestNJ and funding for high-tech business tax credits. In place of the programs, the New Jersey Partnership for Action would be established as a new one-stop-shop to assist businesses in relocation, retention and incentive development.

Tech Talkin' Govs, Part V

The fifth installment of SSTI's Tech Talkin' Govs' series includes excerpts from speeches delivered in Minnesota, New Jersey, and Tennessee. The first four installments are available in the Jan. 13, Jan. 20, Jan. 27, and Feb. 10 Digests.

Tech Talkin' Govs, Part V

Tech Talkin' Govs, Part V
The fifth installment of SSTI's Tech Talkin' Govs' series includes excerpts from speeches delivered in Minnesota, New Jersey, and Tennessee. The first four installments are available in the Jan. 13, Jan. 20, Jan. 27, and Feb. 10 Digests.

Research Park RoundUp: AURP and NRC Testify on Research Park Bill

A bill being debated in Congress would provide federal support for the development of research parks, a major contributor to scientific discovery, technology commercialization and new company formation. S. 583, entitled the Building A Stronger America Act and introduced earlier this year, would make available grants and loan guarantees for the development and construction of science parks to promote the clustering of innovation through high technology activities. The Senate Committee on Commerce, Science and Transportation will hear testimony today in support of the legislation from Brian Darmody, President of the Association of University Research Parks and Charles Wessner of the National Research Council. Over the past few months, several announcements for development of new research parks have been made from around the world. Following is an overview of select announcements.

Newly Elected Governors Tout Energy Plans

All eyes are on New Jersey and Virginia as newly elected governors soon will unveil action plans and proposals for their first year in office. During the recent gubernatorial campaigns, Governors-elect Chris Christie and Bob McDonnell both outlined plans to transform their respective states’ economies and create high-paying jobs through targeted investments in renewable energy. The following is an overview of the energy proposals outlined during the campaigns.