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49 Companies Approved to Sell $54.5M in Net Operating Losses, Tax Credits for Cash On Mar 12, 2021
The New Jersey Economic Development Authority (NJEDA) sent final approval letters last week to the 49 technology and life sciences companies that are participating in the 2020 Net Operating Loss (NOL) Program.
Hailed as a lifeline for New Jersey companies that have yet to reach profitability, the NOL Program enables participants to sell their New Jersey net operating losses and unused research and development (R&D) tax credits to unrelated profitable corporations for cash. The cash can then be used for working capital or to fund research. The NJEDA and the New Jersey Department of Treasury’s Division of Taxation jointly administer the program.