Ocean Energy Applied sciences Inc. will profit, once more, from the New Jersey Financial Growth Authority’s Expertise Enterprise Tax Certificates Switch Program.
The Monroe Township-based ocean vitality options supplier mentioned Monday it acquired $900,000 from the NJEDA program.
“We recognize NJEDA’s choice to approve our software to this system once more this 12 months,” Chief Monetary Officer Matthew Shafer mentioned in a ready assertion. “As in prior years, we had been lucky to work with Public Service Enterprise Group (PSEG) on the sale of our NOLs and analysis and improvement tax credit. We recognize the continued help for expertise firms like OPT by each the State of New Jersey and PSEG.
“This program continues to make an vital contribution to our on-going expertise improvement efforts,” he added.
The Expertise Enterprise Tax Certification Switch Program, which is run by the NJEDA with the state Division of Taxation, permits state-based expertise and biotechnology firms with fewer than 225 U.S. workers to promote state internet working losses and unused analysis and improvement credit to unrelated worthwhile firms for money.
OPT additionally acquired a $900,000 NOL credit score in 2019.
— to njbiz.com