S 3189 New Jersey Senate · 2024-2025 Regular Session

Makes various changes to "New Jersey Angel Investor Tax Credit Act" and Technology Business Tax Certificate Transfer Program; repeals "New Jersey Ignite Act."*

This bill increases tax credits for investors who fund New Jersey emerging technology businesses, raising the credit rate from 20% to 60% of qualified investments, with an additional 5% available for investments in opportunity zones, low-income communities, or certified minority/women-owned businesses. It also lowers the maximum employee count for qualifying businesses from 225 to 150 employees. The bill repeals the "New Jersey Ignite Act" while updating definitions and mechanisms for the tax credit program to better support technology startups across fields like biotechnology, renewable energy, and advanced computing. This change directly affects individual investors and venture funds making qualifying investments in New Jersey-based technology businesses.
Bill status signed all 5 stages cleared
Introduction
May 2024
Committee Review
Jun 2025
Senate Passage
Jun 2025
General Assembly Passage
Jun 2025
Signed into Law
Jun 2025
Introduced May 9, 2024 Signed Jun 30, 2025
Floor votes · Senate Feb 25, 2025 · General Assembly Jun 30, 2025

How they voted

380
Passed · 2 other
Total votes 40
Feb 25, 2025
D Democratic25
23 Yea 2
92% Yea
R Republican15
15 Yea
100% Yea
Vote distribution
All Yea All Nay Mixed No data
Full legislative history

Actions timeline

Total actions
12
Key actions
7
Committee
5
Jun 30, 2025
Signed into law
Approved P.L.2025, c.71.
executive
Jun 30, 2025
Upper · Passed
Passed Senate (Passed Both Houses) (38-0)
upper
Jun 30, 2025
Lower · Passed
Passed Assembly (78-1-0)
lower
Jun 19, 2025
Lower · Passed
Reported out of Assembly Committee with Amendments, 2nd Reading
lower
Feb 25, 2025
Committee
Received in the Assembly, Referred to Assembly Appropriations Committee
lower
Feb 25, 2025
Upper · Passed
Passed Senate (38-0)
upper
Feb 3, 2025
Upper · Passed
Reported out of Senate Committee, 2nd Reading
upper
Oct 10, 2024
Committee
Referred to Senate Budget and Appropriations Committee
upper
Oct 10, 2024
Upper · Passed
Reported out of Senate Committee with Amendments, 2nd Reading
upper
May 9, 2024
Introduced
Introduced in the Senate, Referred to Senate Economic Growth Committee
upper
5 primary · 20 co-sponsors

Sponsors