New Jersey Climbs to Number 2 for Biotechnology Strength
A BioNJ Alert reported that New Jersey jumped eight positions to rank second in the nation for biotechnology strength in a review issued by Business Facilities magazine, a trade publication that tracks national and international corporate real estate transactions and site selections. According to Lt. Governor Kim Guadagno, factors cited by the magazine for the improvement include an increase in the research and development tax credit from 50 to 100 percent and the adoption of a new single sales factor formula for corporate tax liability. Another contributing factor is likely the increase in recent years of the amounts available under the Technology Business Tax Certificate Transfer Program, which allows technology and biotechnology companies to sell unused New Jersey net operating losses and research and development credits.