The Assembly Commerce and Economic Development Committee passed last week approved legislation that would revise the Technology Business Tax Certificate Transfer Program, which allows unprofitable technology and biotechnology businesses to sell their unused net operating losses (NOLs) and R&D tax credits. The bill would increase the lifetime benefit per business from $10 million to $15 million, increase the minimum market price for the transfer from 75 percent to 80 percent of the tax benefit, and allow unused funds from the annual $10 million set-aside for businesses in innovation zones to be transferred to the general program pool. The legislation now heads to the Assembly Appropriations Committee. To view the legislation, click here.