Why NJ is a Great Place to Start Your Business

State Tax Credits

New Jersey provides several tax credit programs to encourage business growth and job creation. The Emerge Program offers per-job tax credits ranging from $500 to $8,000 annually for businesses that create new full-time jobs and select New Jersey over other locations. The amount of the credit depends on factors such as project location and industry. Another notable program is the Technology Business Tax Certificate Transfer Program, which allows unprofitable technology and life science companies to sell their New Jersey tax losses and research and development (R&D) credits to other businesses in the state. This provides vital capital for growth, especially for early-stage companies that are not yet profitable.

Federal Grants

On a federal level, programs like the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs provide significant funding opportunities for small businesses engaged in research and development. The SBIR program aims to stimulate technological innovation by funding projects with commercialization potential across various development stages. Similarly, the STTR program focuses on fostering partnerships between small businesses and research institutions, facilitating the transfer of technology through cooperative research agreements. These programs offer critical resources to help small businesses bring innovative products and services to market while driving economic growth.