NJEDA Approves Tax Credits to Keep Moorestown Business Local

The New Jersey Economic Development Authority (EDA) Board approved tax credits of up to $9.69 million over 10 years for Moorestown-based CareKinesis this week.

The approval was made through the Grow New Jersey Assistance Program, the state’s main job creation and retention incentive program.

CareKinesis partners with accountable healthcare organizations to provide and coordinate medication management services for individuals with complex medication needs.

The company offers medication risk mitigation services, unique dispensing systems, and an online medication management portal.

CareKinesis has outgrown its current headquarters and is looking to expand, and is considering relocating to Pennsylvania.

The goal of the EDA in approving the tax credits is to encourage the company to remain and grow in New Jersey, including the creation of more than 190 jobs.

To date, nearly 30 percent of companies approved for tax credits through the program represent the greater technology industry.

In 2012, CareKinesis received a $500,000 loan from the EDA through the Edison Innovation VC Growth Fund to support working capital needs. Funding provided through this program can be used for key hires, product rollout, product enhancement, and marketing/sales.