New Jersey § 34:1b-7

§ 34:1b-7.

As used in P.L.1997, c. 334 ( C.34:1B-7.42a et al.): “ Authority ” means the New Jersey Economic Development Authority established pursuant to section

4 of P.L.1974, c. 80 ( C.34:1B-4 ). “ Biotechnology ” means the continually expanding body of fundamental knowledge about the functioning

of biological systems from the macro level to the molecular and sub-atomic levels,

as well as novel products, services, technologies and sub-technologies developed as

a result of insights gained from research advances that add to that body of fundamental

knowledge. This definition may be modified by regulation to conform to definitions in other

programs administered by the authority. “ Biotechnology company ” means an emerging corporation that has its headquarters or base of operations in

this State; that owns, has filed for, or has a valid license to use protected, proprietary

intellectual property; and that is engaged in the research, development, production,

or provision of biotechnology for the purpose of developing or providing products

or processes for specific commercial or public purposes, including but not limited

to, medical, pharmaceutical, nutritional, and other health-related purposes, agricultural

purposes, and environmental purposes. This definition may be modified by regulation to conform to definitions in other

programs administered by the authority. “ Full-time employee ” means a person employed by a new or expanding emerging technology or biotechnology

company for consideration 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

wages are subject to withholding as provided in the “New Jersey Gross Income Tax Act,” N.J.S.54A:1-1 et seq. , or who is a partner of a new or expanding emerging technology or biotechnology company

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, is subject to the payment of estimated taxes,

as provided in the “New Jersey Gross Income Tax Act,” N.J.S.54A:1-1 et seq. To qualify as a “full-time employee,” an employee shall also receive from the new

or expanding emerging technology or biotechnology company health benefits under a

health benefits plan authorized pursuant to State or federal law. “Full-time employee” shall not include any person who works as an independent contractor

or on a consulting basis for the new or expanding emerging technology or biotechnology

company. “ New or expanding ” means a technology or biotechnology company that (1) on June 30 of the year in which

the company files an application for surrender of unused but otherwise allowable tax

benefits under P.L.1997, c. 334 ( C.34:1B-7.42a et al.) and on the date of the exchange of the corporation business tax benefit certificate,

has fewer than 225 employees in the United States of America; (2) on June 30 of the

year in which the company files such an application, has at least one full-time employee

working in this State if the company has been incorporated for less than three years,

has at least five full-time employees working in this State if the company has been

incorporated for more than three years but less than five years, and has at least

10 full-time employees working in this State if the company has been incorporated

for more than five years; and (3) on the date of the exchange of the corporation

business tax benefit certificate, the company has the requisite number of full-time

employees in New Jersey that were required on June 30 as set forth in part (2) of

this definition. “ Opportunity zone ” means a federal population census tract in this State that was eligible to be designated

as a qualified opportunity zone pursuant to 26 U.S.C. s.1400Z-1 . “ Technology company ” means an emerging corporation that has its headquarters or base of operations in

this State; that owns, has filed for, or has a valid license to use protected, proprietary

intellectual property; and that employs some combination of the following: highly

educated or trained managers and workers, or both, employed in this State who use

sophisticated scientific research service or production equipment, processes or knowledge

to discover, develop, test, transfer or manufacture a product or service. This definition may be modified by regulation to conform to definitions in other

programs administered by the authority.