OTHER LONG-TERM LIABILITIES

3 Months Ended

Mar. 31, 2016

OTHER LONG-TERM LIABILITIES

OTHER LONG-TERM LIABILITIES

(8) Other Long-Term Liabilities

Other long-term liabilities include the following:

	March 31, 2016			December 31, 2015
	(In thousands)
Deferred Rent	$	417		$	409
Net Deferred Tax Liability related to IPR&D	4,661			4,661
Deferred Income from Sale of Tax Benefits	11,620			12,219
Deferred Revenue	4,133			4,368
Total	20,831			21,657
Less Current Portion	(4,239		)	(4,418		)
Long-Term Portion	$	16,592		$	17,239

In November 2015, December 2014, January 2014, January 2013 and January 2012, the Company received approval from the New Jersey Economic Development Authority and agreed to sell New Jersey tax benefits of $9.8 million, $1.9 million, $1.1 million, $0.8 million and $0.8 million to an independent third party for $9.2 million, $1.8 million, $1.0 million, $0.8 million and $0.7 million, respectively. Under the agreement, the Company must maintain a base of operations in New Jersey for five years or the tax benefits must be paid back on a pro-rata basis based on the number of years completed.  During the three months ended March 31, 2016 and 2015, the Company recorded $0.6 million to other income related to the sale of these tax benefits.