The New Jersey Economic Development Authority announced on May 4 that it is now accepting applications for the Technology Business Tax Certificate Transfer Program, also known as the Net Operating Loss (NOL) Program, with a deadline of June 30.
The NOL Program allows early-stage technology and life sciences companies in New Jersey to sell a portion of their net operating losses and unused research and development tax credits to unrelated profitable corporations in exchange for cash. This initiative aims to help innovative startups access capital needed for salaries, research and development, and other business expenses.
An informational webinar about the application process will be held on Thursday, May 21 at noon. Companies interested in applying can register online. The program is open to qualified technology or biotechnology businesses based in New Jersey with fewer than 225 U.S. employees. Each year, up to $75 million is available through the program, with $15 million reserved specifically for businesses located in Innovation Zones, Opportunity Zones, or those certified as minority- or woman-owned by New Jersey authorities.
A recent economic impact assessment from 2025 found that more than half of the program’s 589 recipients continue to operate within New Jersey and collectively employ an estimated 31,200 workers. This underscores the role of the NOL Program in supporting business sustainability and economic activity across the state.
The New Jersey Business and Industry Association serves as the nation’s largest statewide employer association representing private-sector employers throughout New Jersey according to its official website. The association advances competitive excellence while providing essential information, advocacy services, partnerships among businesses and government entities, practical resources such as cost-saving benefits—all aimed at supporting business prosperity according to its official website. Michele Siekerka serves as president and chief executive officer of this organization according to its official website.
Applications for this year’s NOL Program must be submitted by Tuesday, June 30 at 11:59 p.m., with full eligibility requirements available online.