NEW JERSEY ANGEL INVESTOR TAX CREDIT FREQUENTLY ASKED QUESTIONS (FAQ)

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1 NEW JERSEY ANGEL INVESTOR TAX CREDIT FREQUENTLY ASKED QUESTIONS (FAQ) 7/9/2013 Summary of Changes from original version posted 6/11/2013: 1) 6/18/2013 Added new Question 47, now 51. 2) 6/27/2013 a) Question 43 reflects a new fee structure. b) Question 47 updates the process for making comments to draft rules. 3) 7/2/2013 added 4 new questions in the Angel Investor section to address stock options and trading, and CEO investments, numbers 17) through 20). 4) 7/9/2013 a) Question 5 updates the definition of Qualified Investment. b) Question 47 reflect the availability of the application. c) Question 51 reflects the availability of draft rules. Tax Credit Benefit 1) What is the New Jersey Angel Investor Tax Credit and how much is the Tax Credit? Answer: An Angel Investor may receive a tax credit against New Jersey corporation business or gross income tax of ten percent (10%) of a Qualified Investment made in a New Jersey Emerging Technology Business, up to a maximum credit of $500,000 for each Qualified Investment. Eligible investments must be made in calendar year 2012 or after in a qualifying New Jersey Emerging Technology Business. A corporation business taxpayer may choose between treating any tax credit that cannot be applied for a tax year as an overpayment and request a refund of the excess amount (N.J.S.A. 54: not applicable), or may carry forward the tax credit to be applied against tax liabilities in the next 15 years. Tax credits applied to New Jersey gross income tax cannot be carried forward. 2) Overall, how much funding is committed to the Tax Credit program? Answer: EDA can only approve a maximum of $25 million per calendar year. 3) What happens if EDA receives more than $25 million in eligible Tax Credit requests in a calendar year? Answer: In the event that a complete application satisfying all program criteria cannot be fully awarded in a given year because with all the other awards that year, it will exceed the annual $25 million cap, EDA will split the approval between two years. A partial tax credit up to the amount of the cap will be allowed and a tax credit certificate will be issued for the initial year. The remainder will be considered approved in the next year where tax credits are available and a certificate will be dated and issued for that year, in the order the applications were deemed complete. Angel Investor 4) How is an Angel Investor defined under this program? Answer: An Angel Investor (or Investor) is an individual or an entity that made the Qualified Investment. The taxpayer that will receive the tax credit must be the Investor except when the Qualified Investment is made by a partnership or an entity treated as a partnership for tax purposes, in which case the 1

2 partnership or entity will be considered the Investor, but the partners or members of the entity will be the taxpayers receiving the tax credit in proportion to each partner s or member s distributive share of income. To make use of the tax credit received for a Qualified Investment, any individual or entity is required to file a New Jersey gross income tax or corporate business return; they need not be residents and need not have any other reason to file New Jersey tax returns. In addition, Qualified Investments may be made through special purpose entities created for investing purposes. Investments also may be made directly by individuals. All forms of corporations may make qualified investments including, but not limited to limited liability companies, partnerships, general partnerships, and limited partnerships, as well as C corporations, S corporations, sole proprietors, and trusts. 5) How is a Qualified Investment defined under this program? Answer: A Qualified Investment is a non refundable transfer of cash made directly to a New Jersey Emerging Technology Business by an Investor that is not a related person of the technology business. To be a Qualified Investment, at the time of the transfer of cash, the transfer must be in exchange for either: (1) stock, interests in partnerships or joint ventures, licenses (exclusive or non exclusive), rights to use technology, marketing rights, warrants, options or any assets similar to those included herein, including but not limited to options or rights to acquire any of the assets included herein; or (2) a purchase, production, or research agreement. Please note that some of these terms are defined in the Act and the Program rules. For the transfer of cash to be considered non refundable, the assets received by the investor in the exchange listed in (1) above, and the agreements entered into by the investor listed in (2) above, must be held or not expire for at least 2 calendar years from the date of the exchange, with an exception being made for initial public offerings (IPOs), mergers and acquisitions, damage awards for the business s default of an agreement, or other return of initial cash outlay beyond the investor s control. Each transfer of cash, including separate disbursements of tranches of funding governed by a single investment document, is considered to be its own Qualified Investment. 6) What is my obligation in filling out the application and providing EDA with needed information about the Qualified Investment and the New Jersey Emerging Technology Business in which I invested? Answer: The Angel Investor is considered to be the applicant and, as such, the Investor is responsible for ensuring that the EDA and the New Jersey Division of Taxation receive all necessary information required to make eligibility determinations to award the tax credit. The application is a two part document. The Investor initiates the application, the technology business completes its section, and the Investor reviews and submits to EDA. While there is a section for the technology business to fill out, it is the responsibility of the Investor to ensure that information is accurate, and if additional information is needed, it is the Investor s responsibility to ensure that EDA receives it. 7) What does EDA consider to be a complete application? Answer: EDA considers a completed application to include an On Line Application submitted with all relevant fields filled out, all required attachments submitted, and all additional requested materials submitted. Any additional requested information will be requested via a written from EDA staff upon review of the initial submission. EDA will communicate the status of submitted applications via to the Investor contact indicated on the application. 2

3 8) At what times in the application and approval process does the Angel Investor need to meet the eligibility criteria? Answer: The investment must be a Qualified Investment, as summarized in the answer to Question 5 above, at the time of investment. The business that received the Qualified Investment must operate as a New Jersey Emerging Technology Business from the time of the investment until the earlier of six (6) months after the Qualified Investment or of the date of the Investor s completed application. 9) Do I need to be a New Jersey resident or have existing New Jersey tax liability to apply for this Tax Credit? Answer: No, to make use of the tax credit received for a Qualified Investment, any entity or individual is required to file a New Jersey corporate business or gross income tax return; they need not be New Jersey residents and need not have any other reason to file a New Jersey return. 10) Are there any recapture conditions? Answer: After the NJ Division of Taxation issues the tax credit certificate and it is claimed on a taxpayer s gross income or corporate business tax return, these tax returns are subject to review and audit by the New Jersey Division of Taxation. Should the New Jersey Division of Taxation determine that the tax credits were used improperly, the New Jersey Division of Taxation may pursue its usual remedies, which may include repayment of the tax credit, interest and penalties. Please note that the Angel Investor Tax Credit Act specifically prohibits the same expenses from receiving tax credits under this program and a Research and Development Tax Credit (pursuant to section 1 of P.L.1993, c.175 (N.J.S. 54:10A 5.24)). Additionally, the Qualified Investment must be non refundable, as defined in the Program rules. See Question 5 above for the definition of Qualified Investment and reference to non refundability. Again, discovery of a potential investment refund event may occur in the New Jersey Division of Taxation audit process. If the New Jersey Division of Taxation determines that an improper refund was obtained, the New Jersey Division of Taxation may pursue its usual remedies, which may include repayment of the tax credit, interest and penalties. 11) How does the Tax Credit function if the Qualified Investment is made by a pass through entity such as a Limited Liability Company (LLC), Limited Partnership (LP), General Partnership (GP) or Limited Liability Partnership (LLP)? Answer: In the case where the Investor applicant is a pass through entity such as those listed above, the entity itself cannot be the taxpayer that receives the tax credit. Instead the owner(s) or member(s) of the entity are considered the taxpayers. Accordingly, if the Qualified Investment is approved, each individual or corporate member or owner will be issued a tax credit certificate in the amount of their proportional share, whether distributed or not, of the total distributive income of the pass through entity. If a second pass through entity is a member of the pass through entity that made the Qualified Investment, then the amount of the tax credit that would have been allowed to the secondary passthrough will be allowed to each member in the second pass through entity in proportion to each member s proportional share, whether distributed or not, of the total distributive income of the second pass through entity. For example, an LLC with 3 members (2 individuals, and third limited partnership each receiving equal portions of the LLC s total distributive income), made a $600,000 Qualified Investment in an eligible NJ 3

4 emerging technology business and a tax credit in the amount of $60,000 was approved. The two individual members of the LLC would each receive certificates in the amount of $20,000. The third member, the limited partnership, has two individual partners, each receiving equal portions of the LLC s total distributive income. Accordingly, their $20,000 portion of the tax credit will be split equally among them and each provided a $10,000 tax certificate. 12) What does the Program consider a related party (or person) and are there any prohibitions on related party (or person) investments? Answer: An individual or entity that is a related person of a New Jersey Emerging Technology Business cannot receive a tax credit under this Program for any investment in that technology business. The Program considers a related person to mean a corporation, partnership, association or trust controlled by the taxpayer or the investor; an individual, corporation, partnership, association or trust that is in the control of the taxpayer or the investor; a corporation, partnership, association or trust controlled by an individual, corporation, partnership, association or trust that is in the control of the taxpayer or the investor; or a member of the same controlled group as the taxpayer or the investor. Control with respect to a corporation means ownership, directly or indirectly, of stock possessing 80 percent or more of the total combined voting power of all classes of the stock of the corporation entitled to vote; and control with respect to a trust means ownership, directly or indirectly, of 80 percent or more of the beneficial interest in the principal or income of the trust. The ownership of stock in a corporation, of a capital or profits interest in a partnership or association or of a beneficial interest in a trust shall be determined in accordance with the rules for constructive ownership of stock provided in subsection (c) of section 267 of the federal Internal Revenue Code of 1986 (26 U.S.C. s.267), other than paragraph (3) of subsection (c) of that section. Controlled group means one or more chains of corporations connected through stock ownership with a common parent corporation if stock possessing at least 80 percent of the voting power of all classes of stock of each of the corporations is owned directly or indirectly by one or more of the corporations and the common parent owns directly stock possessing at least 80 percent of the voting power of all classes of stock of at least one of the other corporations. 13) What if one member of a pass through entity, such as a LLC or partnership, is a related person, can the other members not related to the technology business still receive a tax credit? Answer: Yes, as long as the pass through entity itself is not a related person to the technology business. If a tax credit for a Qualified Investment is otherwise eligible for approval, the proportion of the tax credit that would have been allowed to the member that is a related person to the technology business will not be approved or allowed. For example, a limited partnership with 8 partners with equal distribution of income, one of which is a related person, makes an $800,000 Qualified Investment in a NJ Emerging Technology Business. If all Program criteria are otherwise met, the total tax credit would have been in the amount of $80,000. However, each of the 7 partners who are not related persons will receive a tax credit certificate each in the amount of $10,000 ($70,000 in total), and the partner who is a related partner will not receive a tax credit certificate. 4

5 14) Why does EDA ask for Social Security Numbers from the investors and the owners of investment entities? Answer: EDA asks for Social Security Numbers to more accurately identify taxpayers with the same or similar name, and, if approved, so that EDA can inform New Jersey Division of Taxation of the correct party to whom a tax credit certificate should be issued. Under the provisions of the Federal Privacy Act, 5 U.S.C. 552a, no one is legally required to provide a Social Security Number to the Authority in order to submit an application for this Program. The failure to provide a Social Security Number to the Authority may not affect any right, benefit or privilege to which an applicant is entitled by law. The provision of the Social Security Numbers is required by the New Jersey Division of Taxation to administer this Program; thus, the Social Security Numbers may be provided only to the Division of Taxation. 15) How are investments made in tranches considered by the Program? That is, if a venture fund makes a capital commitment to a New Jersey Emerging Technology Business funded in installments according to met milestones? Answer: Each instance of a transfer of cash is considered to be its own Qualified Investment. Instances include lump sum payments, installments, including each disbursement of a tranche of funding governed by a single investment document. 16) I manage a small venture fund that made an investment in a technology business can I apply for my limited partners? Are there any reduced fees since the technology business will only need to be qualified once for multiple investors? Answer: With regard to the first question, yes, the venture fund should apply for the tax credit. While the partners in the fund will be the recipients of any approved tax credit, they need not apply individually. With regard to the second question, no there is not a reduced fee for multiple limited partners as there will be only one application filed by the venture fund on behalf of the limited partners. 17) Can stock options granted to an employee as part of their compensation package be considered a Qualified Investment? Answer: No. While stock options are one of the eligible items provided in the Qualified Investment definition, there is no non refundable exchange of cash, and therefore do not meet the definition. 18) Can stock options of employees (such as senior managers) who buy their stock when they exercise their options be considered a Qualified Investment? Answer: Yes, such a purchase could be a Qualified Investment. When senior officers exercise their stock options, they typically pay for the stock in the amount of the exercise price multiplied by number of options being exercised. The resulting product in exchange for cash could be considered a Qualified Investment. This investment, if it meets all other requirements of the program including holding the stock for a two year period in order to satisfy the non refundability aspect of the definition, would be eligible to receive a tax credit under the Angel Investor Tax Credit program. 19) Can capital invested by a CEO be considered a Qualified Investment? Answer: Yes, if the capital is in exchange for an eligible item in the Qualified Investment definition, such an investment could be a Qualified Investment, if it meets the other requirements of the program including not owning more than 80% of the company s stock. For example, the provision of cash to the technology business in exchange for stock or an interest in the partnership is an eligible item. The investment would have to meet the other requirements of the program, including the other elements of the definition of Qualified Investment. However, a loan by the CEO to the business is not an eligible item and would not satisfy the Qualified Investment definition. 5

6 20) Can the purchase of publically traded stock be considered a Qualified Investment? Answer: No, unless the stock is purchased directly from the technology business and the other requirements of the program are met, including holding the stock for a two year period. While, the stock is an exchange of cash for an eligible item in the Qualified Investment definition, it is not an exchange between the technology business and the stock purchaser, unless the purchaser buys the stock directly from the technology company. 21) Is there a time limit in which I must apply for the credit after making my investment in the New Jersey technology company? Answer: Yes. This Program applies to privilege periods and taxable years beginning on or after January 1, For investments made on or before July 1, 2013, an Investor must submit a completed application before July 1, For all other investments, an Investor must submit a completed application within one year of the date of the qualified investment. 22) What is the obligation to inform EDA or the New Jersey Division of Taxation if changes occur within the Investor entity or with individual Investor after the Qualified Investment is made? Answer: There is no obligation under this Program to inform EDA or the New Jersey Division of Taxation of changes within the investor entity. However, there are certain limitations to the carryover of the tax credits if the taxpayer was acquired or was a party to a merger or consolidation. See Question ) How do I claim the Tax Credit? Answer: Once a tax credit certificate is issued by New Jersey Division of Taxation, the taxpayer attaches it to their return for the tax year or privilege period corresponding to the date of the Tax Credit Certificate. 24) How will the Tax Credit Certificates be dated? Answer: Tax credits will be approved in any calendar year in which tax credits are available up to the $25 million annual cap for the Program. The certificates will be dated with the date of the Board meeting in which the tax credit is approved, except if the $25 million annual cap is reached. See Question 3 above for what happens if the cap is reached. The Board s actions are subject to a 10 day gubernatorial veto period, and no action by the Board has force or effect until that period expires, or such sooner date as when the EDA Board meeting minutes are approved by the Governor. 25) Must I use the tax credit in a certain tax filing period? Answer: Yes. For gross income taxpayers, the certificate must be used in the tax year corresponding to the date of the certificate. It may be treated as an overpayment and a refund may be requested in the excess amount. For corporate business taxpayers, the certificate also must be initially used in the tax year or privilege period corresponding to the date of the certificate. Tax credits otherwise allowable that cannot be applied against corporate business tax liability due for the tax year may either be treated as an overpayment that may be refunded (N.J.S.A. 54: not applicable), or may be carried forward for a period of up to 15 years. See next question. 26) Are there any carryforward provisions for this tax credit? Answer: Yes, tax credits otherwise allowable that cannot be applied against corporate business tax liability due for the tax year may either be treated as an overpayment that may be refunded (N.J.S.A. 54: not applicable), or may be carried forward, if necessary, to the next 15 tax years. Tax credits applied to New Jersey gross income tax cannot be carried forward. 6

7 27) What if the Angel Investor entity undergoes a merger or is part of an acquisition either to acquire another entity or is acquired by another entity? Answer: Mergers and acquisitions are relevant only for tax credits that are carried forward. There is a prohibition to the carryover of any amount of credit allowed to a tax year during which a corporate acquisition with respect to the taxpayer occurred or during which the taxpayer was party of a merger or a consolidation, except that the acquiring corporation in a merger or consolidation may carry forward the credits if it can demonstrate to the NJ Division of Taxation the identity of the acquiring corporation. 28) Is this tax credit transferrable or can it be sold? Answer: No, the tax credit is not transferable and cannot be sold. 29) Are there any ongoing Investor reporting requirements associated with this program? Answer: No, there are no reporting requirements for either the Investor or the New Jersey Emerging Technology Business after issuance of the tax credit certificate. 30) Is there an appeal process for EDA s decisions? Answer: Yes, an Investor may appeal the EDA's Board action by submitting in writing to the Authority, within 20 days from the date of the Authority's action, an explanation as to how the Investor or the New Jersey Emerging Technology Business has met the program criteria. The CEO of the Authority will designate an employee of the EDA to serve as a hearing officer for the challenge and to make a recommendation on the merits of the challenge to the Board. Technology Business 31) What is a New Jersey Emerging Technology Business? Answer: A New Jersey Emerging Technology Businesses is a company with fewer than 225 employees, of whom at least 75 percent are filling a position in New Jersey, that is doing business, employing or owning capital or property, or maintaining an office in this State, whose primary business is an eligible technology, and: (1) has qualified research expenses paid or incurred for research conducted in its most recent fiscal year prior to the Qualified Investment in this State; (2) conducts pilot scale manufacturing in this State; or (3) conducts technology commercialization in this State. 32) What technologies qualify as meeting the New Jersey Emerging Technology Business requirements? Answer: Eligible technologies in this Program are: advanced computing, advanced materials, biotechnology, electronic device technology, information technology, life sciences, medical device technology, mobile communications technology, and renewable energy technology. These are all defined in the Angel Investor Tax Credit Act. 33) Does the technology business need to count the employees other companies to satisfy the requirements regarding the maximum number of employees of 224 worldwide? Answer: You must include in the count toward the maximum number of employees (224) the employees of any company, except the investor, with control over the technology business or in the same controlled group as the technology business. The terms control and controlled group are have the same meaning as in the answer to Question 12. This encompasses all companies and employees worldwide. 7

8 34) What is considered filling a position in New Jersey? Answer: An employee is considered to be filling a position in New Jersey if they meet the definition of a full time employee and physically work in New Jersey at least 80% of the time. 35) What is a full time employee? Answer: A full time employee is one of 3 types of employees: 1) a person employed by a New Jersey Emerging Technology Business on a permanent or indefinite basis for consideration for at least 35 hours a week, or who renders any other standard of service generally accepted by custom or practice, as determined by the Authority, as full time employment and whose wages are either subject to withholding as provided in the New Jersey Gross Income Tax Act, N.J.S.A. 54A:1 1 et seq. or exempt from the New Jersey Gross Income Tax Act by virtue of a reciprocity agreement between New Jersey and the state in which the employee resides 2) a partner of a New Jersey Emerging Technology Business who works for the partnership for at least 35 hours a week, or who renders any other standard of service generally accepted by custom or practice as full time employment, and whose distributive share of income, gain, loss, or deduction, or whose guaranteed payments, or any combination thereof, either is subject to the payment of estimated taxes, as provided in the New Jersey Gross Income Tax Act, N.J.S.A. 54A:1 1 et seq. or exempt from the New Jersey Gross Income Tax Act by virtue of a reciprocity agreement between New Jersey and the state in which the employee resides 3) a person employed under a formal written agreement with an institution of higher education whereby the institution s students are employed by the New Jersey Emerging Technology Business on a permanent basis within a single position and in compliance with all other requirements of full time employee. 36) How is a person employed on a permanent or indefinite basis? Answer: An employee is employed on a permanent or indefinite basis if continuously employed in a manner that satisfies the definition of a Full Time Employee. A full time employee may not be an intern, a temporary employee, an employee in a temporary position, an independent contractor, or a consultant. 37) Since the New Jersey Emerging Technology Business is not getting the tax credit, is the technology business required to be part of the application process, and if so why? Answer: EDA must make a determination that the technology business meets the definition of a New Jersey Emerging Technology Business in order to determine that the investment was a Qualified Investment and that the taxpayer(s) is eligible to receive the tax credits. Therefore, EDA must receive information regarding the technology business. 38) At what points in the application and approval process do the New Jersey Emerging Technology Business need to meet the eligibility criteria? Answer: The New Jersey Emerging Technology Business must meet the eligibility criteria at the time the Qualified Investment is made by the Angel Investor. The company must continue to operate as a New Jersey Emerging Technology Business until the earlier of six (6) months after the Qualified Investment or of the date of the investor s completed application as determined by EDA. 8

9 39) What is the obligation to EDA or the New Jersey Division of Taxation if changes occur within the New Jersey Emerging Technology Business? Answer: No obligation exists once a completed application is filed. The Investor, however, is required to show that the business is operating as a New Jersey Emerging Technology Business during the timeframe stated in the question above, and thus, is required to notify EDA in writing of any changes to the business that may affect whether the business is a New Jersey Emerging Technology Business. Because the business is certifying to the EDA that the business s information is correct, the business must notify the Investor and EDA in writing of these changes, prior to them occurring, if possible, or immediately upon the business learning of such changes. 40) The application indicates a need to include the technology business s Federal W 3 form. The business does not have a Federal W 3 Form to include with the application. Is there anything else that may be sent in lieu of a Federal W 3 Form? Answer: Yes. If the technology business s Federal W 2 Form is filed electronically, the Federal W 3 Form would not need to be filed with the Social Security Administration. In this instance, we will accept a Federal W 2 summary or a Federal 941 Annual Summary as long as the alternative Form displays the total number of W 2 Forms issued. 41) The application indicates a need to include the technology business s New Jersey State W 3 form. The business does not have a New Jersey State W 3 Form to include with the application. Is there anything else that may be sent in lieu of a New Jersey State W 3 Form? Answer: No. The New Jersey State W 3 Form (NJ W 3M) must be filed by every New Jersey business and should always be submitted with the application. 42) All of the technology business s employees are leased from a Professional Employment Organization (PEO). The PEO files its W 2's in the aggregate for all of its employees including the technology business. Are the W 3 statements required? Answer: No. However, the PEO must write a letter on the business s behalf indicating the total number of full time employees it leased as of the date of the Qualified Investment, and the number of leased employees filling a position in New Jersey, and the number of leased full time employees working at least 80% of the time in New Jersey on the earlier of six (6) months after the Qualified Investment or of the date of the investor s application. The PEO will need to include the state or country in which those employees are located. 43) Are there any ongoing technology business reporting requirements associated with this program? Answer: No, there are no reporting requirements under this Program for either the Investor or the New Jersey Emerging Technology Business after issuance of the tax credit certificate. 44) How can a technology business help investors take advantage of this credit? Answer: Inform potential investors of this tax credit, suggest they contact EDA for further information, and, if an investor applies to EDA, assist the investor to fill out the technology business section of the application as quickly and thoroughly as possible. 9

10 Application Process 45) Who should I contact with my questions or to apply for the Angel Investor Tax Credit? Answer: Please visit our website at or (609) E mail: 46) Where can I find the Angel Investor Tax Credit application? Answer: Applications are now available and will be preliminarily reviewed under rules then published for public comments. Applications can be found on the EDA s website at Any approval of applications shall be subject to final adopted rules, which may differ from the rules published for public comments. 47) Are there any fees associated with applying for the Tax Credit? Answer: Yes. A) For investments of $50,000 or less, a non refundable Application Fee of $500 will be required to accompany every application for tax credits. B) For investments of more than $50,000, a non refundable Application Fee of $1,000 will be required to accompany every application for tax credits. In addition, an Approval Fee of five percent (5%) of the approved tax credit amount or $2,500, whichever is greater, will be charged upon the approval of the tax credit, with the Application Fee of $1,000 applying towards the Approval Fee. For example, a tax credit in the amount of $10,000 (for a qualified investment of $100,000) would pay an Application Fee of $1,000 and an Approval Fee of $1,500. In this instance the Approval Fee is calculated by: 1) starting with $2,500, which is greater than 5% of the tax credit ($500); and then, 2) subtracting the Application Fee of $1,000 from it to yield $1,500. Also, the Division of Taxation requires a $75 fee to be paid to provide a Tax Clearance Certificate, and will be required for both the Investor and the New Jersey Emerging Technology Business. If the Investor and/or the business do not have a current Tax Clearance Certificate, then a $75 Taxation Tax Clearance Certificate Application Processing Fee applies. This must be made payable to New Jersey Division of Taxation for each entity without a current Tax Clearance Certificate and must be accompanied by a Tax Clearance Certificate Application for each entity. 48) Is there an application deadline? Answer: Yes, see the answer to Question 21 above. 49) How long will a decision take? Answer: The time for review and approval will differ. Some of the factors that will affect the length of time before a decision is made are the structure of the Qualified Investment, the organization of the Investor, and the number of companies that control or are in a controlled group with the New Jersey Emerging Technology Business. EDA cannot make any assurances regarding the length of the review and decision for an application. 50) How will I know how much in approved applications there are versus the $25 million cap? Answer: A listing of the approved applications will be available on the EDA website ( under Public Information/Incentives Activity Report. 10

11 51) Where can I find the draft rules for this program and how do I submit comments about them? Answer: The draft rules are posted on EDA s website now. They can be accessed by visiting and clicking on the following 4 links located on the left side of the screen: 1) About Us/Board Information, 2) Public Information, 3) Rules & Regulations, and 4) Proposed New Rules/Amendments. Directions for providing comments to the draft rules are contained in the document, and are duplicated again here. Written comments are expected to have a deadline in early October and will need to be submitted to the address below. Maureen Hassett, SVP Finance & Development New Jersey Economic Development Authority PO Box 990 Trenton, NJ The program is being administered under these draft rules. Any approval of applications shall be subject to final adopted rules, which may differ from the rules published for public comments. 11

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