In 1999 a New Jersey State law went into effect allowing emerging technology and biotechnology companies to transfer, "sell", their unused New Jersey Net Operating Loss carry forwards (NOL’s) and New Jersey Research and Development Tax Credits (R&D Credits) for cash. Profitable companies, paying New Jersey corporate tax, can "buy" these credits at a discount thereby reducing their state tax obligation.  Administered by the NJEDA and passed by the Senate and General Assembly of the state of New Jersey ( P. L. 1997, c334, Senate No. 1709-Final Version Chapter 140, further amended by A3883) the intent of this law is not only to stimulate economic growth within the state, but also to aggressively expand the State’s emerging technology and biotechnology industries.