reglab/statecodes huggingface dataset:
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-275 - Rules for recapture of tax credit amount.

34:1B-275 Rules for recapture of tax credit amount.
7. a. The authority, in collaboration with the director, shall adopt rules for the recapture of an entire or partial tax credit amount allowed under sections 2 through 8 of P.L.2020, c.156 (C.34:1B-270 through C.34:1B-276). The rules shall require the authority to notify the director of the recapture of an entire or partial tax credit amount. Recaptured funds shall be deposited in the General Fund of the State.
b. If, before the end of five full years after the completion of the rehabilitation of the qualified property or transformative project, a developer that has received a tax credit pursuant to section 4 of P.L.2020, c.156 (C.34:1B-272) modifies the qualified property or transformative project so that it ceases to meet the requirements for the rehabilitation of a qualified property or transformative project as defined under the program or ceases to meet the requirement of the rehabilitation agreement then the tax credit allowed under the program shall be recaptured in accordance with the rules adopted pursuant to subsection a. of this section.
c. In the case of a business entity that has chosen a selected rehabilitation period of 60 months, if the architectural plans change in the course of the phased rehabilitation project so that the rehabilitation of the qualified property or transformative project would, upon the rehabilitation's completion, no longer qualify for a tax credit pursuant to the requirements of sections 2 through 8 of P.L.2020, c.156 (C.34:1B-270 through C.34:1B-276), then the business entity's tax liability for that accounting or privilege period shall be increased by the full amount of the tax credit that the authority had previously granted upon the completion of a distinct prior project phase that the business entity has applied against its tax liability in a prior accounting or privilege period. Any portion of the tax credit that the business entity has not yet used at the time of the disallowance by the officer shall be deemed void.
L.2020, c.156, s.7.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-276 - Written report.

34:1B-276 Written report.
8. On or before December 31 of the fourth year following the effective date of sections 2 through 8 of P.L.2020, c.156 (C.34:1B-270 through C.34:1B-276), the authority, in consultation with the officer and the director, shall prepare and submit a written report regarding the number and total monetary amount of tax credits granted for the rehabilitation of qualified properties or transformative projects pursuant to section 4 of P.L.2020, c.156 (C.34:1B-272), the geographical distribution of the credits granted, a summary of the tax credit transfer program established pursuant to section 5 of P.L.2020, c.156 (C.34:1B-273), an evaluation of the effectiveness of the tax credits provided pursuant to sections 2 through 8 of P.L.2020, c.156 (C.34:1B-270 through C.34:1B-276) in promoting the rehabilitation of historic properties, recommendations for administrative or legislative changes to increase the effectiveness of the program, and any other information that the authority, the officer, or the director may deem useful or appropriate. This report shall be submitted to the Governor and, pursuant to section 2 of P.L.1991, c.164 (C.52:14-19.1), to the Legislature.
L.2020, c.156, s.8.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-277 - Short title.

34:1B-277 Short title.
9. Sections 9 through 19 of P.L.2020, c.156 (C.34:1B-277 through C.34:1B-287) shall be known and may be cited as the "Brownfields Redevelopment Incentive Program Act."
L.2020, c.156, s.9.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-279 - Brownfields Redevelopment Incentive Program.

34:1B-279 Brownfields Redevelopment Incentive Program.
11. The Brownfields Redevelopment Incentive Program is established as a program under the jurisdiction of the New Jersey Economic Development Authority. The purpose of the program is to compensate developers of redevelopment projects located on brownfield sites for remediation costs. To implement this purpose, the authority shall issue tax credits. The total value of tax credits approved by the authority shall not exceed the limitations set forth in section 98 of P.L.2020, c.156 (C.34:1B-362). For the purpose of determining the aggregate value of tax credits approved in a fiscal year, a tax credit shall be deemed to have been approved at the time the authority approves an application for an award of a tax credit. If the authority approves less than the total amount of tax credits authorized pursuant to this section in a fiscal year, the remaining amount, plus any amounts remaining from previous fiscal years, shall be added to the limit of subsequent fiscal years until that amount of tax credits are claimed or allowed. Any unapproved, uncertified, or recaptured portion of tax credits during any fiscal year may be carried over and reallocated in succeeding years.
L.2020, c.156, s.11.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-282 - Qualification for tax credit.

34:1B-282 Qualification for tax credit.
14. To qualify for a tax credit under the program, a developer shall:
a. enter into a memorandum of agreement or other oversight document with the Commissioner of Environmental Protection in accordance with the provisions of section 37 of P.L.1997, c.278 (C.58:10B-29); or
b. comply with the requirements set forth in subsection b. of section 30 of P.L.2009, c.60 (C.58:10B-1.3) for the remediation of the site of the redevelopment project.
L.2020, c.156, s.14.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-283 - Update of status of redevelopment project.

34:1B-283 Update of status of redevelopment project.
15. Commencing with the date six months following the date the authority and a developer execute a redevelopment agreement and every six months thereafter until completion of the project, the developer shall submit an update of the status of the redevelopment project to the authority and to the department, including the remediation costs incurred by the developer for the remediation of the contaminated property located at the site of the redevelopment project. Unless the authority determines that extenuating circumstances exist, the authority's approval of a tax credit shall expire if the authority, the department, or both, do not timely receive the status update required under this section. The authority may rescind an award of tax credits under the program if a redevelopment project fails to advance in accordance with the redevelopment agreement.
L.2020, c.156, s.15.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-285 - Application for tax credit transfer certificate.

34:1B-285 Application for tax credit transfer certificate.
17. a. A developer may apply to the director and the chief executive officer of the authority for a tax credit transfer certificate, during the privilege period in which the director awards the developer a tax credit pursuant to section 16 of P.L.2020, c.156 (C.34:1B-284), in lieu of the developer being allowed to apply any amount of the tax credit against the developer's State tax liability. The tax credit transfer certificate, upon receipt thereof by the developer from the director and the chief executive officer of the authority, may be sold or assigned, in the privilege period during which the developer receives the tax credit transfer certificate from the director, to another person, who may apply the credit against a tax liability pursuant to section 5 of P.L.1945, c.162 (C.54:10A-5), sections 2 and 3 of P.L.1945, c.132 (C.54:18A-2 and C.54:18A-3), section 1 of P.L.1950, c.231 (C.17:32-15), or N.J.S.17B:23-5. The tax credit transfer certificate provided to the developer shall include a statement waiving the developer's right to claim the credit that the developer has elected to sell or assign.
b. The developer shall not sell or assign a tax credit transfer certificate allowed under this section for consideration received by the developer of less than 85 percent of the transferred credit amount before considering any further discounting to present value which shall be permitted, except a developer of a residential project consisting of newly-constructed residential units that has received federal low income housing tax credits under 26 U.S.C. s.42(b)(1)(B)(i) may assign a tax credit transfer certificate for consideration of no less than 75 percent subject to the submission of a plan to the authority and the New Jersey Housing and Mortgage Finance Agency to use the proceeds derived from the assignment of tax credits to complete the residential project. The tax credit transfer certificate issued to a developer by the director shall be subject to any limitations and conditions imposed on the application of State tax credits pursuant to section 16 of P.L.2020, c.156 (C.34:1B-284) and any other terms and conditions that the director may prescribe.
c. A purchaser or assignee of a tax credit transfer certificate pursuant to this section shall not make any subsequent transfers, assignments, or sales of the tax credit transfer certificate.
d. The authority shall publish on its Internet website the following information concerning each tax credit transfer certificate approved by the authority and the director pursuant to this section:
(1) the name of the transferor;
(2) the name of the transferee;
(3) the value of the tax credit transfer certificate;
(4) the State tax against which the transferee may apply the tax credit; and
(5) the consideration received by the transferor.
L.2020, c.156, s.17; amended 2021, c.160, s.9.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-286 - Report by State colleges, universities.

34:1B-286 Report by State colleges, universities.
18. Beginning the year next following the year in which sections 9 through 19 of P.L.2020, c.156 (C.34:1B-277 through C.34:1B-287) take effect and every two years thereafter, a State college or university established pursuant to chapter 64 of Title 18A of the New Jersey Statutes shall, pursuant to an agreement executed between the State college or university and the authority, prepare a report on the implementation of the program, and submit the report to the authority, the Governor, and, pursuant to section 2 of P.L.1991, c.164 (C.52:14-19.1), to the Legislature. Each biennial report required under this section shall include a description of each redevelopment project receiving a tax credit under the program, a detailed analysis of the consideration given in each project to the factors set forth in sections 12 and 13 of P.L.2020, c.156 (C.34:1B-280 and C.34:1B-281), the return on investment for incentives awarded, the redevelopment project's impact on the State's economy, and any other metrics the State college or university determines are relevant based upon national best practices. The authority shall prepare a written response to the report, which the authority shall submit to the Governor and, pursuant to section 2 of P.L.1991, c.164 (C.52:14-19.1), to the Legislature.
L.2020, c.156, s.18.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-287 - Regulations.

34:1B-287 Regulations.
19. Notwithstanding the provisions of the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), to the contrary, the chief executive officer of the authority, in consultation with the Commissioner of Environmental Protection, may adopt, immediately upon filing with the Office of Administrative Law, regulations that the chief executive officer and commissioner deem necessary to implement the provisions of sections 9 through 19 of P.L.2020, c.156 (C.34:1B-277 through C.34:1B-287), which regulations shall be effective for a period not to exceed 360 days from the date of the filing. The chief executive officer, in consultation with the Commissioner of Environmental Protection, shall thereafter amend, adopt, or readopt the regulations in accordance with the requirements of P.L.1968, c.410 (C.52:14B-1 et seq.). The rules shall require annual reporting by developers that receive tax credits pursuant to the program, in addition to the regular progress updates. As part of the authority's review of the annual reports required from a developer, the authority shall confirm with the Department of Labor and Workforce Development, the Department of Environmental Protection, and the Department of the Treasury that the developer is in substantial good standing with the respective department, or has entered into an agreement with the respective department that includes a practical corrective action plan, and the developer shall certify that any contractors or subcontractors performing work at the redevelopment project: a. are registered as required by "The Public Works Contractor Registration Act," P.L.1999, c.238 (C.34:11-56.48 et seq.); b. have not been debarred by the Department of Labor and Workforce Development from engaging in or bidding on Public Works Contracts in New Jersey; and c. possess a tax clearance certificate issued by the Division of Taxation in the Department of the Treasury. The rules and regulations adopted pursuant to this section shall also include a provision to require that, in any year in which the developer is not in substantial good standing with the Department of Labor and Workforce Development, the Department of Environmental Protection, or the Department of the Treasury, the developer may forfeit all tax credits awarded in that year, and to allow the authority to extend, in individual cases, the deadline for any annual reporting requirement established pursuant to this section.
L.2020, c.156, s.19; amended 2021, c.160, s.10.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-288 - Short title.

34:1B-288 Short title.
20. Sections 20 through 34 of P.L.2020, c.156 (C.34:1B-288 through C.34:1B-302) shall be known and may be cited as the "New Jersey Innovation Evergreen Act."
L.2020, c.156, s.20.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-290 - New Jersey Innovation Evergreen Program.

34:1B-290 New Jersey Innovation Evergreen Program.
22. The New Jersey Innovation Evergreen Program is established as a program under the jurisdiction of the New Jersey Economic Development Authority. The purpose of the program is to invest in innovation as a catalyst for economic growth and to advance the competitiveness of the State's businesses in the global economy. Beginning on the effective date of sections 20 through 34 of P.L.2020, c.156 (C.34:1B-288 through C.34:1B-302), the authority shall auction up to $300,000,000 in tax credits in annual amounts not to exceed the limitations set forth in section 98 of P.L.2020, c.156 (C.34:1B-362). The authority shall not undertake an auction if, exclusive of reserves, including the reserve set aside for follow-on investments pursuant to subsection d. of section 23 of P.L.2020, c.156 (C.34:1B-291), more than $15,000,000 is available to the authority, from moneys received from any prior auction of tax credits pursuant to the program, to allocate to qualified venture firms.
L.2020, c.156, s.22.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-291 - "New Jersey Innovation Evergreen Fund."

34:1B-291 "New Jersey Innovation Evergreen Fund."
23. a. The authority shall establish and maintain a dedicated fund to be known as the "New Jersey Innovation Evergreen Fund." The authority shall use the money in the fund to carry out the purposes enumerated in subsections b. and c. of this section. The authority shall credit the fund with money paid by purchasers; distributions from payments or repayments made to the authority in accordance with subsection c. of section 31 of P.L.2020, c.156 (C.34:1B-299); earnings received, if any, from the investment or reinvestment of money credited to the fund; and any money which, from time to time, may otherwise become available for the purposes of the fund.
b. The authority shall allocate the money in the fund to qualified venture firms to make qualified investments of capital in qualified businesses through a special purpose vehicle in accordance with section 30 of P.L.2020, c.156 (C.34:1B-298) and to pay the administrative, legal, and auditing expenses of the authority incurred in the administration of the program. In addition, the authority shall use 75 basis points of the total amounts deposited in the fund, calculated on an annual basis, for programs administered by the authority that create an innovation ecosystem that supports and promotes high-growth businesses in the State.
c. The authority shall deposit into the fund dividends and returns on investments paid to the authority by or on behalf of a qualified business. Upon the fund holding total deposits of $500,000,000 and thereafter upon a qualified investment in a qualified business achieving a return on investment of twice the original and follow-on investment, 50 percent of any return on investment in excess of twice the original and follow-on investment shall be paid to the General Fund of the State.
d. The authority shall account for and calculate reserves for follow-on investments, programs that support the State's innovation ecosystem, and administrative, legal, and auditing expenses of the authority in administering the program. The authority shall not include these reserves when calculating the amount in the fund available for new qualified investments.
L.2020, c.156, s.23.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-292 - Sale, tax credits.

34:1B-292 Sale, tax credits.
24. a. The authority shall sell the tax credits authorized pursuant to section 22 of P.L.2020, c.156 (C.34:1B-290) to purchasers through a competitive auction process.
b. The authority shall determine the form and manner in which potential purchasers may bid for tax credits available under the program. To be awarded a tax credit under the program, a potential purchaser shall:
(1) specify the requested amount of tax credits, which shall not be less than $500,000;
(2) specify the amount the potential purchaser will pay in exchange for the requested amount of tax credits, which shall be set by the authority at an amount not less than 75 percent of the requested dollar amount of tax credits;
(3) commit to serve on the New Jersey Innovation Evergreen Advisory Board, established pursuant to section 32 of P.L.2020, c.156 (C.34:1B-300), and to otherwise provide mentorship, networking, and collaboration opportunities to qualified businesses that receive funding under the program; and
(4) provide any other information that the chief executive officer of the authority determines is necessary.
c. Prior to an auction, the authority shall establish and disclose to bidders the weighted criteria the authority will utilize, which the authority shall base on the price offered to purchase the tax credits and the quality of the mentorship and networking opportunities and other support of the State's innovation ecosystem offered by a purchaser in its bid. The authority may pro rate the amount of tax credits allocated to each purchaser. A potential purchaser that submits a bid for tax credits under this section shall receive a written notice from the authority indicating whether the authority has approved it as a purchaser of tax credits and, if so, the amount of tax credits approved.
d. Except as provided in section 22 of P.L.2020, c.156 (C.34:1B-290), the authority shall hold one competitive auction per calendar year.
e. The authority may contract with an independent third party to conduct the competitive bidding process through which State tax credits issued by the authority may be sold.
L.2020, c.156, s.24; amended 2021, c.160, s.11; 2023, c.118, s.2.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-293 - Contract between purchaser and authority.

34:1B-293 Contract between purchaser and authority.
25. a. A purchaser that submits a successful bid for the purchase of tax credits pursuant to section 24 of P.L.2020, c.156 (C.34:1B-292) shall enter into a contract with the authority that includes payment information and the commitments made by the purchaser in its auction bid. A purchaser that submits a successful bid for the purchase of tax credits pursuant to section 24 of P.L.2020, c.156 (C.34:1B-292) shall pay by wire transfer the amount specified in its auction bid to the authority for deposit into the fund. Upon receipt thereof, the chief executive officer shall notify the director to issue tax credits in the amount approved. Failure by the purchaser to pay the amount agreed upon on time may disqualify the purchaser from purchasing the tax credits and the authority may reassign the right to purchase the credits to another bidder. Failure by the purchaser to adhere to the commitments made in its auction bid may disqualify the purchaser from participating in future auctions and may result in the recapture of a portion of the tax credits.
b. The authority shall credit to the fund any money paid to the authority by a purchaser for an allocation of tax credits under the program.
c. The authority shall ensure that no undue financial advantage shall inure to a purchaser that also is: managing a qualified venture firm; beneficially owning, through rights, options, convertible interests, or otherwise, more than 15 percent of the voting securities or other voting ownership interests of a qualified venture firm; or controlling the direction of investments for a qualified venture firm. The chief executive officer of the authority shall certify that the authority is monitoring the activities of such purchasers and has taken appropriate steps to ensure no undue financial advantage inures to the purchasers.
L.2020, c.156, s.25.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-294 - Application, credit, State tax liability.

34:1B-294 Application, credit, State tax liability.
26. a. A purchaser shall apply a credit awarded pursuant to sections 20 through 34 of P.L.2020, c.156 (C.34:1B-288 through 34:1B-302) against the purchaser's State tax liability due pursuant to section 5 of P.L.1945, c.162 (C.54:10A-5), sections 2 and 3 of P.L.1945, c.132 (C.54:18A-2 and 54:18A-3), section 1 of P.L.1950, c.231 (C.17:32-15), or N.J.S.17B:23-5 for the current privilege period as of the date of the credit's approval. A purchaser may carry forward an unused credit resulting from the limitations of subsection b. of this section, if necessary, for use in the seven privilege periods next following the privilege period for which the credit is awarded.
b. The director shall prescribe the order of priority of the application of the credits awarded under sections 20 through 34 of P.L.2020, c.156 (C.34:1B-288 through 34:1B-302) and any other credits allowed by law. The amount of a credit applied under sections 20 through 34 of P.L.2020, c.156 (C.34:1B-288 through 34:1B-302) against the tax imposed pursuant to section 5 of P.L.1945, c.162 (C.54:10A-5) for a privilege period, together with any other credits allowed by law, shall not reduce the tax liability of the purchaser to an amount less than the statutory minimum provided in subsection (e) of section 5 of P.L.1945, c.162 (C.54:10A-5).
L.2020, c.156, s.26; amended 2023, c.118, s.3.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-295 - Application, tax credit transfer certificate.

34:1B-295 Application, tax credit transfer certificate.
27. a. A purchaser may apply to the authority and the director for a tax credit transfer certificate in lieu of the purchaser being allowed to apply any amount of the tax credit against the purchaser's State tax liability. A tax credit may be sold or assigned, in full or in part, to another person that may have a tax liability pursuant to section 5 of P.L.1945, c.162 (C.54:10A-5), sections 2 and 3 of P.L.1945, c.132 (C.54:18A-2 and 54:18A-3), section 1 of P.L.1950, c.231 (C.17:32-15), or N.J.S.17B:23-5. The tax credit transfer certificate provided to the purchaser shall include a statement waiving the purchaser's right to claim the credit that the purchaser has elected to sell or assign.
b. The purchaser shall not sell or assign a tax credit transfer certificate allowed under this section for consideration received by the purchaser of less than 85 percent of the transferred credit amount before considering any further discounting to present value which shall be permitted. The tax credit transfer certificate issued to a purchaser by the director shall be subject to any limitations and conditions imposed on the application of State tax credits pursuant to section 26 of P.L.2020, c.156 (C.34:1B-294) and any other terms and conditions that the director may prescribe.
c. A buyer or assignee of a tax credit transfer certificate pursuant to this section shall not make any subsequent transfers, assignments, or sales of the tax credit transfer certificate.
d. Ten percent of the consideration received by a purchaser from the sale or assignment of a tax credit transfer certificate pursuant to this section shall be remitted to the director and deposited in the General Fund of the State.
e. The authority shall publish on its Internet website the following information concerning each tax credit transfer certificate approved by the authority and the director pursuant to this section:
(1) the name of the transferor;
(2) the name of the transferee;
(3) the value of the tax credit transfer certificate;
(4) the State tax against which the transferee may apply the tax credit; and
(5) the consideration received by the transferor.
L.2020, c.156, s.27; amended 2023, c.118, s.4.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-296 - Application process.

34:1B-296 Application process.
28. a. The authority shall establish an application process and determine the form and manner through which a venture firm may make and file an application for certification as a qualified venture firm. The authority may accept applications on a rolling basis or on a date set by the authority.
b. In evaluating applicants for certification as a qualified venture firm, the authority shall establish weighted criteria by which the authority will evaluate all venture firms applying in the same calendar year and shall establish a minimum acceptable score. The criteria shall include, but not be limited to:
(1) the management structure of the applicant, including:
(a) quality of the leadership, including willingness to work with the authority to support targeted industries and the innovation ecosystem in the State, and to locate in the State;
(b) the investment experience of the principals with qualified businesses;
(c) the knowledge, experience, and capabilities of the applicant in subject areas relevant to high-growth businesses in the State;
(d) the tenure and turnover history of principals and senior investment professionals of the applicant;
(e) whether the State's investment with the applicant under this program would exceed 15 percent of the total invested in the applicant by all investors, including investments in any special purpose vehicles;
(f) the applicant's stage of fundraising; and
(g) whether fees, expenses, and the remuneration of the general partner or manager are similar to those of peer investors;
(2) the applicant's investment strategy, including:
(a) the applicant's track record of investing in high-growth businesses;
(b) whether the investment strategy of the applicant is focused on high-growth businesses, including the percentage of the investment identified to be invested in New Jersey or surrounding geographic areas; and
(c) the performance history of the general partner or fund manager based on a review of investment returns on individual funds on an absolute basis and relative to peers; and
(3) The location of the applicant's venture firm and the proposed structure of the applicant venture firm's investments in qualified businesses, with preference given to applicant venture firms that are located in incentive areas and to applicant venture firms that agree to dedicate a greater portion of qualified investments into qualified businesses located within incentive areas.
L.2020, c.156, s.28.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-297 - Criteria for qualified venture firm.

34:1B-297 Criteria for qualified venture firm.
29. a. The authority shall certify or refuse to certify a venture firm as a qualified venture firm based on the criteria for certification set forth in section 28 of P.L.2020, c.156 (C.34:1B-296), and subsections b. and c. of this section.
b. The authority shall not certify a venture firm as a qualified venture firm if the venture firm has: (1) an equity capitalization, net assets, or written commitments of less than $10,000,000 in the form of cash or cash equivalents on the date the determination for certification is made; or (2) fewer than two principals or persons employed to direct the qualified investment of capital with at least five years of money management experience in the venture capital or private equity sectors on the date the determination for certification is made. The authority may adopt, pursuant to the provisions of the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), rules setting forth additional disqualifying criteria and adjusting the minimum equity capitalization, net assets, or written commitments of a qualified venture firm.
c. Prior to certifying a venture firm as a qualified venture firm, the authority shall confirm with the Department of Labor and Workforce Development, the Department of Environmental Protection, and the Department of the Treasury whether the venture firm is in substantial good standing with the respective department, or has entered into an agreement with the respective department that includes a practical corrective action plan for the venture firm. The authority may also contract with an independent third party to perform a background check on the venture firm.
d. The authority shall provide written notification to each venture firm that is certified as a qualified venture firm by the authority and shall provide written notification to each venture firm that the authority refuses to certify as a qualified venture firm, communicating in detail the grounds for the authority's refusal. The authority shall review each qualified venture firm annually for the disqualifying criteria set forth in subsection b. of this section or other reasonable industry-accepted standards as determined by the authority. The authority may decertify a qualified venture firm at any time pursuant to the disqualifying criteria set forth in subsection b. of this section. Decertification shall not affect any previously made qualified investment or the fund's commitment to make a follow-on investment in a qualified business.
L.2020, c.156, s.29; amended 2021, c.160, s.12.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-300 - New Jersey Innovation Evergreen Advisory Board.

34:1B-300 New Jersey Innovation Evergreen Advisory Board.
32. The New Jersey Innovation Evergreen Advisory Board is established in but not of the authority for the purposes of providing guidance and networking opportunities to qualified businesses. The members of the board shall serve in a voluntary capacity, to be appointed through a process to be determined by the chief executive officer of the authority from among purchasers and other strategic partners identified by the chief executive officer, to support the State's innovation ecosystem. The terms of the voluntary members so appointed, after the initial appointments, shall be one year, and each member may be reappointed.
L.2020, c.156, s.32.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-301 - Report on implementation of program.

34:1B-301 Report on implementation of program.
33. Beginning the year next following the year in which sections 20 through 34 of P.L.2020, c.156 (C.34:1B-288 through C.34:1B-302) take effect and every two years thereafter, the authority shall prepare a report on the implementation of the program, and submit the report to the Governor, and, pursuant to section 2 of P.L.1991, c.164 (C.52:14-19.1), to the Legislature. Each biennial report required under this section shall include the names and locations of qualified businesses receiving capital; the amount of each qualified investment; a report by a certified public accountant, who is licensed in accordance with the "Accountancy Act of 1997," P.L.1997, c.259 (C.45:2B-42 et seq.), or licensed in accordance with the laws of another state, of the consolidated performance of the fund; the cumulative amount of capital committed by purchasers; the rate and amount of fees charged by each qualified venture firm, including performance-based earnings and carried interest; the classification of each qualified business, according to the industrial sector and the size of the qualified business; the State's return on investment; the total number of jobs created in the State by the qualified business after the qualified investment; the average wages paid for the jobs; and any other metrics the authority determines are relevant based upon national best practices.
L.2020, c.156, s.33.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-302 - Regulations.

34:1B-302 Regulations.
34. Notwithstanding the provisions of the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), to the contrary, the chief executive officer of the authority may adopt, immediately, upon filing with the Office of Administrative Law, regulations that the chief executive officer deems necessary to implement the provisions of sections 20 through 34 of P.L.2020, c.156 (C.34:1B-288 through C.34:1B-302), which regulations shall be effective for a period not to exceed 180 days from the date of the filing. The chief executive officer shall thereafter amend, adopt, or readopt the regulations in accordance with the requirements of P.L.1968, c.410 (C.52:14B-1 et seq.).
L.2020, c.156, s.34.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-303 - Short title.

34:1B-303 Short title.
35. Sections 35 through 42 of P.L.2020, c.156 (C.34:1B-303 through C.34:1B-310) shall be known and may be cited as the "Food Desert Relief Act."
L.2020, c.156, s.35.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-304 - Findings, declarations.

34:1B-304 Findings, declarations.
36. a. The Legislature finds and declares that: (1) there are certain areas of the State, known as "food desert" communities, in which residents are unable to obtain reasonable and adequate access to nutritious foods and, in particular, to fresh fruits and vegetables; (2) the inaccessibility of nutritious food in food desert communities has been attributed, in large part, to the absence of supermarkets and grocery stores in those communities; (3) low-income families are more likely than others to live in food desert communities and to lack the transportation or financial resources necessary to reach distant wholesome markets; and (4) the establishment of financial incentives to supermarkets, grocery stores, mid-sized food retailers, and small food retailers is a reasonable means by which to ensure that residents of food desert communities in the State are provided with reasonable access to nutritious, fresh, and delicious produce, and are afforded the opportunity thereby to make healthier eating choices for themselves and for their families.
b. The Legislature therefore determines that it is both reasonable and necessary to authorize the New Jersey Economic Development Authority to establish a program that provides financial assistance to supermarkets, grocery stores, mid-sized food retailers, and small food retailers to establish and retain locations in food desert communities in order to provide a consistent, and easily accessible, source of fresh produce to residents in those communities.
L.2020, c.156, s.36.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-308.1 - Tax credit transfer certificate, application.

34:1B-308.1 Tax credit transfer certificate, application.
3. a. A taxpayer may apply to the director and the chief executive officer of the authority for a tax credit transfer certificate, covering one or more years, in lieu of the taxpayer being allowed any amount of the credit against the tax liability of the taxpayer. The tax credit transfer certificate, upon receipt thereof by the taxpayer from the director and the chief executive officer of the authority, may be sold or assigned, in full or in part in an amount not less than $25,000, in the privilege period during which the taxpayer receives the tax credit transfer certificate from the director, to another person, who may apply the credit against a tax liability pursuant to section 1 of P.L.1950, c.231 (C.17:32-15), N.J.S.17B:23-5, section 5 of P.L.1945, c.162 (C.54:10A-5), and sections 2 and 3 of P.L.1945, c.132 (C.54:18A-2 and C.54:18A-3). The certificate provided to the taxpayer shall include a statement waiving the taxpayer's right to claim the amount of the credit that the taxpayer has elected to sell or assign against the taxpayer's tax liability.
b. The taxpayer shall not sell or assign, including a collateral assignment, a tax credit transfer certificate allowed under this section for consideration received by the taxpayer of less than 85 percent of the transferred credit amount before considering any further discounting to the present value which shall be permitted. The tax credit transfer certificate issued to a taxpayer by the director shall be subject to any limitations and conditions imposed on the application of the original State tax credits issued pursuant to the "Food Desert Relief Act," sections 35 through 41 of P.L.2020, c.156 (C.34:1B-303 through C.34:1B-309), and any other terms and conditions that the director may prescribe.
c. A purchaser or assignee of a tax credit transfer certificate pursuant to this section shall not make any subsequent transfers, assignments, or sales of the tax credit transfer certificate.
d. The authority shall publish on its Internet website the following information concerning each tax credit transfer certificate approved by the authority and the director pursuant to this section:
(1) the name of the transferor;
(2) the name of the transferee;
(3) the value of the tax credit transfer certificate; and
(4) the consideration received by the transferor.
L.2022, c.47, s.3.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-308.2 - Tax credit award agreement; taxpayer ability to pledge, assign, transfer, sell right, title, interest.

34:1B-308.2 Tax credit award agreement; taxpayer ability to pledge, assign, transfer, sell right, title, interest.
4. a. A taxpayer who has entered into a tax credit award agreement may, upon notice to and written consent of the authority and State Treasurer, pledge, assign, transfer, or sell any or all of its right, title, and interest in and to the tax credit award agreement and in the tax credit awards payable under the tax credit award agreement, and the right to receive the tax credit awards, along with the rights and remedies provided to the taxpayer under the taxpayer award agreement. Any assignment shall be an absolute assignment for all purposes, including the federal bankruptcy code.
b. Any pledge of a tax credit award made by the taxpayer shall be valid and binding from the time the pledge is made and filed in the records of the authority. The tax credit award pledged and thereafter received by the taxpayer shall immediately be subject to the lien of the pledge without any physical delivery thereof or further act, and the lien of any pledge shall be valid and binding against all parties having claims of any kind in tort, contract, or otherwise against the taxpayer irrespective of whether the parties have notice thereof. As a condition of any tax credit grant, the grantee, assignee, pledgee, or subsequent holder of the tax credit grant shall immediately file notice of the same with the clerk of the county in which the project is located.
c. The authority shall publish on its Internet website the following information concerning each pledge, assignment, transfer, or sale approved by the authority pursuant to this section:
(1) the name of the person or entity offering the pledge, assignment, transfer, or sale of a right, title, or interest in a tax credit award agreement;
(2) the name of the person or entity receiving the pledge, assignment, transfer, or sale of a right, title, or interest in the tax credit award agreement;
(3) the value of the right, title, or interest in the tax credit award agreement; and
(4) the consideration received by the person or entity offering the pledge, assignment, transfer, or sale of the right, title, or interest in the tax credit award agreement.
L.2022, c.47, s.4.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-309 - Rules, regulations.

34:1B-309 Rules, regulations.
41. Notwithstanding the provisions of the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), to the contrary, the chief executive officer of the authority, in consultation with the department and the Director of the Division of Taxation in the Department of the Treasury, may adopt, immediately upon filing with the Office of Administrative Law, rules and regulations necessary to carry out the provisions of sections 35 through 42 of P.L.2020, c.156 (C.34:1B-303 through C.34:1B-310), which rules and regulations shall be effective for a period not to exceed 360 days from the date of the filing. The chief executive officer shall thereafter amend, adopt, or readopt the rules and regulations in accordance with the requirements of P.L.1968, c.410 (C.52:14B-1 et seq.).
L.2020, c.156, s.41; amended 2021, c.160, s.17.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-310 - Annual report.

34:1B-310 Annual report.
42. Within one year of the effective date of sections 35 through 42 of P.L.2020, c.156 (C.34:1B-303 through C.34:1B-310), the authority shall annually submit a report to the Governor, the State Treasurer, and, pursuant to section 2 of P.L.1991, c.164 (C.52:14-19.1), the Legislature, on the effectiveness of the program in establishing supermarkets and grocery stores in food desert communities.
L.2020, c.156, s.42.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-311 - Short title.

34:1B-311 Short title.
43. Sections 43 through 53 of P.L.2020, c.156 (C.34:1B-311 through C.34:1B-321) shall be known and may be cited as the "New Jersey Community-Anchored Development Act."
L.2020, c.156, s.43.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-316 - Submission of application by anchor institution.

34:1B-316 Submission of application by anchor institution.
48. a. Prior to March 1, 2027, an anchor institution and, if applicable, each partner anchor institution seeking a tax credit pursuant to the program shall submit an application to the authority in a form and manner prescribed in regulations adopted by the authority pursuant to the provisions of the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.). The authority shall accept and certify applications for tax credits during the award rounds established pursuant to section 49 of P.L.2020, c.156 (C.34:1B-317).
b. The authority shall not consider an application for a community-anchored project unless the anchor institution and, if applicable, each partner anchor institution submits, with the application, a letter evidencing support for the community-anchored project from the governing body of the municipality in which the community-anchored project is located.
c. The authority shall review the project costs for a proposed community-anchored project and evaluate and validate the underlying financial structure proposed by the anchor institution and, if applicable, each partner anchor institution. The authority shall conduct a State fiscal impact analysis to ensure that the overall value of tax credits provided to the community-anchored project is projected to result in net benefits to the State, taking into account the current and deferred returns to the authority. The authority shall assess the cost of these reviews to the applicant. An anchor institution and, if applicable, each partner anchor institution shall pay to the authority the full amount of the direct costs of an analysis concerning the anchor institution's and, if applicable, each partner anchor institution's application for tax credits that a third party retained by the authority performs, if the authority deems such retention to be necessary.
d. If at any time during the eligibility period the authority determines that an anchor institution or a partner anchor institution made a material misrepresentation on the program application, the anchor institution or partner anchor institution shall forfeit or repay to the authority the value of tax credits associated with that application.
L.2020, c.156, s.48.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-319 - Awarding of base tax credit.

34:1B-319 Awarding of base tax credit.
51. a. Up to the limits established in subsection b. of this section and in accordance with a tax credit agreement, beginning upon the receipt of occupancy permits for any portion of the community-anchored project, or upon any other event evidencing project completion as set forth in the tax credit agreement, an anchor institution and, if applicable, each partner institution of an approved community-anchored project shall be awarded a base tax credit of $5,000,000 for conversion into an authority investment in the community-anchored project.
b. An anchor institution and, if applicable, each partner institution may be allowed a tax credit in excess of the base amount, if approved by the authority, provided, however, the total tax credit allowed per community-anchored project shall not exceed $75,000,000 and the total investment of all State resources not including rent payments in a community-anchored project shall not exceed 40 percent of the total cost of the project.
L.2020, c.156, s.51.