Princeton-based pharmaceutical company Soligenix announced Thursday it has received approximately $750,000 as part of the N.J. Technology Business Tax Certificate Transfer Program.
According to the announcement, the program enables approved, unprofitable biotechnology businesses to sell their unused net operating loss carryovers and unused research and development tax credits to unaffiliated, profitable corporate taxpayers in New Jersey. This allows biotechnology businesses to turn their tax losses and credits into cash proceeds to fund more R&D, buy equipment and facilities or cover other allowable expenditures.
The New Jersey Economic Development Authority determines eligibility for the program, the New Jersey Division of Taxation determines the value of the available tax benefits, and the New Jersey Commission on Science and Technology evaluates the technology and its viability. New Jersey originated the program and is the first state to implement and fund it, Soligenix explained in a statement.
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