reglab/statecodes huggingface dataset:
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-320 - Report by anchor institution.

34:1B-320 Report by anchor institution.
52. a. An anchor institution and, if applicable, each partner institution that is awarded a tax credit under sections 43 through 53 of P.L.2020, c.156 (C.34:1B-311 through C.34:1B-321) shall, commencing in the year in which the tax credit is awarded, and each year thereafter for the remainder of the eligibility period, submit a report indicating whether the anchor institution and, if applicable, each partner institution is aware of any condition, event, or act that would cause the anchor institution or partner institution not to be in compliance with the tax credit agreement or the provisions of sections 43 through 53 of P.L.2020, c.156 (C.34:1B-311 through C.34:1B-321) and any additional reporting requirements contained in the tax credit agreement or tax credit certificate. The anchor institution and, if applicable, each partner institution, or an authorized agent of the anchor institution or partner institution, shall certify under the penalty of perjury that the information provided pursuant to this subsection is true.
b. (1) Upon receipt and review of each report submitted during the eligibility period, the authority shall provide to the anchor institution and, if applicable, each partner institution and the Director of the Division of Taxation in the Department of the Treasury a certificate of compliance indicating the amount of tax credits awarded to the anchor institution and, if applicable, each partner institution for conversion into an authority investment in the community-anchored project, that the anchor institution and, if applicable, each partner institution may:
(a) offer for sale through the provision of a tax credit transfer certificate pursuant to section 53 of P.L.2020, c.156 (C.34:1B-321); or
(b) use as collateral or to secure any financial instrument approved by the authority to provide financing for the community-anchored project, if that use is in accordance with rules and 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.), to govern the use of program tax credits.
(2) Upon receipt by the director of the certificate of compliance, the director shall coordinate with the anchor institution and, if applicable, each partner institution and the authority to provide the anchor institution and, if applicable, each partner institution with a tax credit transfer certificate, as described in section 53 of P.L.2020, c.156 (C.34:1B-321), or a tax credit certificate for the value awarded by the authority for that year that the anchor institution and, if applicable, each partner institution may use as provided in paragraph (1) of this subsection b. and in accordance with the rules adopted pursuant to subparagraph (b) of paragraph (1) of this subsection.
L.2020, c.156, s.52.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-321 - Application for tax credit transfer certificate.

34:1B-321 Application for tax credit transfer certificate.
53. a. An anchor institution and, if applicable, each partner institution may apply to the director and the chief executive officer of the authority for a tax credit transfer certificate, covering one or more years. The tax credit transfer certificate, upon receipt thereof by the anchor institution or partner institution from the director and the chief executive officer of the authority, may be sold or assigned, in full or in part, in the privilege period during which the anchor institution or partner institution 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.
b. The anchor institution or partner institution shall not sell or assign, including a collateral assignment, a tax credit transfer certificate allowed under this section for consideration received by the anchor institution or partner institution 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 an anchor institution or partner institution by the director shall be subject to any limitations and conditions imposed on the application of State tax credits pursuant to sections 43 through 53 of P.L.2020, c.156 (C.34:1B-311 through C.34:1B-321) 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 may make any subsequent transfers, assignments, or sales of a tax credit transfer certificate for an amount to be negotiated with a subsequent purchaser or assignee.
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.53.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-322 - Short title.

34:1B-322 Short title.
54. Sections 54 through 67 of P.L.2020, c.156 (C.34:1B-322 through C.34:1B-335) shall be known and may be cited as the "New Jersey Aspire Program Act."
L.2020, c.156, s.54.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-324 - New Jersey Aspire Program; rules, regulations.

34:1B-324 New Jersey Aspire Program; rules, regulations.
56. a. (1) The New Jersey Aspire Program is hereby established as a program under the jurisdiction of the New Jersey Economic Development Authority. The authority shall administer the program to encourage redevelopment projects through the provision of incentive awards to reimburse developers for certain project financing gap costs. The board may approve the award of an incentive award to a developer upon application to the authority pursuant to sections 58 and 59 of P.L.2020, c.156 (C.34:1B-326 and C.34:1B-327). The value of all tax credits approved by the authority pursuant to sections 54 through 67 of P.L.2020, c.156 (C.34:1B-322 through 34:1B-335) shall be subject to the limitations set forth in section 98 of P.L.2020, c.156 (C.34:1B-362).
(2) The authority, in consultation with the agency, shall adopt rules and regulations, pursuant to subsection b. of section 67 of P.L.2020, c.156 (C.34:1B-335), concerning the establishment and administration of the affordability controls that shall apply to the residential units constructed for occupancy by low- and moderate-income households under the program, including, but not limited to, residential units within residential projects that utilize federal low-income housing tax credits awarded by the agency. Notwithstanding any provision of law or regulation to the contrary, the affordability controls shall, at a minimum, be consistent with the affordability controls established in the rules and regulations adopted pursuant to the "Fair Housing Act," P.L.1985, c.222 (C.52:27D-301 et al.), as in effect immediately prior to the effective date of P.L.2023, c.98 (C.34:1B-335.1 et al.), including, but not limited to, any requirements concerning the bedroom distributions, affordability averages, affirmative marketing, and long-term deed restrictions of residential units constructed for occupancy by low- and moderate-income households.
b. The chief executive officer of the authority shall designate one staff member per government-restricted municipality in order to keep the municipality informed on activities within the municipality and to coordinate economic development initiatives.
L.2020, c.156, s.56; amended 2023, c.98, s.2.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-327 - Awarding of incentive awards.

34:1B-327 Awarding of incentive awards.
59. a. Prior to March 1, 2029, for redevelopment projects eligible pursuant to section 57 of P.L.2020, c.156 (C.34:1B-325), the authority shall award incentive awards based on the order in which complete, qualifying applications were received by the authority. If a developer intends to apply to both the authority and the agency for subsidies, the developer shall notify the agency simultaneously with any application made to the authority. The authority shall transmit its grant determination for such residential projects to the agency along with any information developed by the authority and confirmation of the authority's intent to provide an incentive award or award to the project. Approval of an application by the agency shall be the final determination required for an incentive award for a residential project under this section.
b. Prior to allocating an incentive award to a redevelopment project, 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 a developer not in substantial good standing with each department has entered into an agreement with the respective department that includes a practical corrective action plan for the developer, and that the developer shall confirm that each contractor or subcontractor performing work at the redevelopment project: (1) is registered as required by "The Public Works Contractor Registration Act," P.L.1999, c.238 (C.34:11-56.48 et seq.); (2) has not been debarred by the Department of Labor and Workforce Development from engaging in or bidding on Public Works Contracts in the State; and (3) possesses a tax clearance certificate issued by the Division of Taxation in the Department of the Treasury. The authority may also contract with an independent third party to perform a background check on the developer. Provided that the developer, and all contractors and subcontractors, are in compliance with this subsection, the authority shall allocate incentive awards to redevelopment projects according to the redevelopment project's score and until either the available incentive awards are exhausted or all redevelopment projects obtaining the minimum score receive an incentive award, whichever occurs first. If insufficient funding exists to fully fund all eligible projects, a project may be offered partial funding.
L.2020, c.156, s.59; amended 2021, c.160, s.25; 2023, c.98, s.5.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-329 - Total tax credit.

34:1B-329 Total tax credit.
61. a. Up to the limits established in subsection b. of this section and in accordance with an incentive award agreement, beginning upon the receipt of occupancy permits for any portion of the redevelopment project, or upon any other event evidencing project completion as set forth in the incentive award agreement, a developer shall be allowed a total tax credit that shall not exceed:
(1) 80 percent of the total project cost for a redevelopment project that is located in a government-restricted municipality;
(2) 60 percent of the total project cost for a residential project that receives a four-percent allocation from the federal Low Income Housing Tax Credit Program administered by the agency or a redevelopment project that is located in a qualified incentive tract, enhanced area, or a municipality with a Municipal Revitalization Index score of at least 50; or
(3) 50 percent of the total project cost for any other redevelopment project.
b. The value of all tax credits approved by the authority under the program for a redevelopment project phase shall not exceed:
(1) $120,000,000 per redevelopment project or phase for a redevelopment project that is located in a government-restricted municipality;
(2) $90,000,000 per redevelopment project or phase for a redevelopment project that is allowed a tax credit under paragraph (2) of subsection a. of this section; and
(3) $60,000,000 for any other redevelopment project or phase.
L.2020, c.156, s.61; amended 2021, c.160, s.27; 2023, c.98, s.7.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-330 - Report by developer.

34:1B-330 Report by developer.
62. a. A developer approved for an incentive award pursuant to sections 58 and 59 of P.L.2020, c.156 (C.34:1B-326 and C.34:1B-327) and that enters an incentive award agreement pursuant to section 60 of P.L.2020, c.156 (C.34:1B-328) shall submit annually, commencing in the year in which the incentive award is issued and for the remainder of the eligibility period, a report indicating whether the developer is aware of any condition, event, or act that would cause the developer not to be in compliance with the incentive award agreement or the provisions of sections 54 through 67 of P.L.2020, c.156 (C.34:1B-322 through C.34:1B-335) and any additional reporting requirements contained in the incentive award agreement or tax credit certificate. The developer, or an authorized agent of the developer, shall certify that the information provided pursuant to this subsection is true under the penalty of perjury.
b. (1) Upon receipt and review of each report submitted during the eligibility period, the authority shall provide to the developer and the director a certificate of compliance indicating the amount of tax credits that the developer may apply against the developer's tax liability.
(2) Upon receipt by the director of the certificate of compliance, the director shall allow the developer a credit against the tax imposed pursuant to section 5 of P.L.1945, c.162 (C.54:10A-5). A developer shall apply the credit awarded against the developer's liability under 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 for the privilege period during which the director allows the developer a tax credit pursuant to this subsection. A developer may carry forward an unused credit resulting from the limitations of paragraph (3) of this subsection, if necessary, for use in the seven privilege periods next following the privilege period for which the credits are awarded. Credits granted to a partnership shall be passed through to the partners, members, or owners, respectively, pro-rata, or pursuant to an executed agreement among the partners, members, or owners documenting an alternate distribution method provided to the director accompanied by any additional information as the director may prescribe.
(3) The director shall prescribe the order of priority of the application of the credit allowed under this section and any other credits allowed by law against the tax imposed under section 5 of P.L.1945, c.162 (C.54:10A-5). The amount of the credit applied under this section 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 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.62; amended 2022, c.46.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-332 - Assignment of rights of incentive award agreement.

34:1B-332 Assignment of rights of incentive award agreement.
64. a. A developer who has entered into an incentive award agreement pursuant to section 60 of P.L.2020, c.156 (C.34:1B-328) 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 incentive award agreement and in the incentive awards payable under the incentive award agreement, and the right to receive the incentive awards, along with the rights and remedies provided to the developer under the incentive award agreement. Any assignment shall be an absolute assignment for all purposes, including the federal bankruptcy code.
b. Any pledge of an incentive award made by the developer shall be valid and binding from the time the pledge is made and filed in the records of the authority. The incentive award pledged and thereafter received by the developer 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 developer irrespective of whether the parties have notice thereof. As a condition of any incentive grant, the grantee, assignee, pledgee or subsequent holder of the incentive 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 an incentive grant agreement or tax credit agreement;
(2) the name of the person or entity receiving the pledge, assignment, transfer, or sale of a right, title, or interest in the incentive grant agreement or tax credit agreement;
(3) the value of the right, title, or interest in the incentive grant agreement or tax credit 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 incentive grant agreement or tax credit agreement.
L.2020, c.156, s.64.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-334 - Report by State college, university.

34:1B-334 Report by State college, university.
66. a. Beginning the year next following the year in which P.L.2020, c.156 (C.34:1B-269 et al.) takes 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 58 and 59 of P.L.2020, c.156 (C.34:1B-326 and C.34:1B-327), in the case of a commercial project, the return on investment for incentive awards provided and the commercial 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.
b. On or before December 31, 2023, the authority shall submit a report to the Governor 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 encouraging development in government-restricted municipalities, which report shall include, at a minimum, recommendations to incentivize additional development in government-restricted municipalities through financial assistance or other incentives that the authority determines are appropriate.
L.2020, c.156, s.66; amended 2023, c.98, s.10.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-335 - Regulations.

34:1B-335 Regulations.
67. a. Notwithstanding the provisions of the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.) to the contrary, except as otherwise provided in subsection b. of this section, 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 54 through 67 of P.L.2020, c.156 (C.34:1B-322 through 34:1B-335), 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.).
b. 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 shall, in consultation with the agency, adopt, immediately, upon filing with the Office of Administrative Law, such rules and regulations as the chief executive officer deems necessary to implement the provisions of sections 54 through 67 of P.L.2020, c.156 (C.34:1B-322 through 34:1B-335), as amended and supplemented by P.L.2023, c.98 (C.34:1B-335.1 et al.), which rules and regulations shall be effective for a period not to exceed 365 days after the date of the filing. Before the expiration of the rules and regulations, the chief executive officer shall amend, adopt, or readopt the rules and regulations in accordance with the requirements of the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.).
L.2020, c.156, s.67; amended 2023, c.98, s.11.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-335.2 - Completed program application, pending approval, withdrawal, timeline.

34:1B-335.2 Completed program application, pending approval, withdrawal, timeline.
15. If an applicant has submitted a completed program application that is pending approval by the authority on the effective date of P.L.2023, c.98 (C.34:1B-335.1 et al.), the applicant may withdraw the application at any time before the authority approves or denies the application. If the applicant withdraws the application, the authority shall return all application fees paid by the applicant, and the withdrawal shall not serve to prejudice the consideration of any program application submitted by the applicant thereafter.
L.2023, c.98, s.15.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-336 - Short title.

34:1B-336 Short title.
68. Sections 68 through 81 of P.L.2020, c.156 (C.34:1B-336 et al.) shall be known and may be cited as the "Emerge Program Act."
L.2020, c.156, s.68.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-338 - Emerge Program.

34:1B-338 Emerge Program.
70. a. The Emerge Program is hereby established as a program under the jurisdiction of the New Jersey Economic Development Authority. The authority shall administer the program to encourage economic development, job creation, and the retention of significant numbers of jobs in imminent danger of leaving the State. The board may approve the award of tax credits to an eligible business upon application of the chief executive officer of the eligible business and following the execution of a letter of intent and the payment of fees, subject to the limitations set forth in subsection b. of this section:
b. value of all tax credits approved by the authority for businesses eligible pursuant to section 71 of P.L.2020, c.156 (C.34:1B-339) shall be subject to the limitations set forth in section 98 of P.L.2020, c.156 (C.34:1B-362).
L.2020, c.156, s.70.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-347 - Report by State college, university.

34:1B-347 Report by State college, university.
80. Beginning the year next following the year in which P.L.2020, c.156 (C.34:1B-269 et al.) takes effect and every two years thereafter, a State college or university 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 eligible business receiving a tax credit under the program, a detailed analysis of the consideration given to each applicant, an analysis of whether the incentives awarded influenced the eligible business's decisions to locate a qualified business facility in the State, the return on investment for incentives awarded, the eligible business's impact on the State's economy, and any other metrics the State college 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.80.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-348 - Regulations.

34:1B-348 Regulations.
81. 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 70 through 81 of P.L.2020, c.156 (C.34:1B-338 et al.), including but not limited to examples of and the determination of capital investment and the determination of the limits, if any, on the expense or type of furnishings that may constitute capital improvements, 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.81.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-349 - Short title.

34:1B-349 Short title.
82. Sections 82 through 88 of P.L.2020, c.156 (C.34:1B-349 et al.) shall be known and may be cited as the "Main Street Recovery Finance Program Act."
L.2020, c.156, s.82.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-350 - Definitions.

34:1B-350 Definitions.
83. As used in sections 82 through 88 of P.L.2020, c.156 (C.34:1B-349 et al.):
"Authority" means the New Jersey Economic Development Authority established by section 4 of P.L.1974, c.80 (C.34:1B-4).
"Board" means the Board of the New Jersey Economic Development Authority, established by section 4 of P.L.1974, c.80 (C.34:1B-4).
"Eligible microbusiness" means a business enterprise located in the State that produces goods or provides services and has fewer than 10 full-time employees and annual gross revenue of less than $1,500,000 at the time of application for a loan under the program.
"Eligible small business" means any business that satisfies the criteria set forth in subsection b. of section 85 of P.L.2020, c.156 (C.34:1B-352) at the time of application for a grant under the program.
"Program" means the Main Street Recovery Finance Program established pursuant to section 84 of P.L.2020, c.156 (C.34:1B-351).
"Small business" means a business engaged in the conduct of a trade or business in this State that qualifies as a "small business concern" within the meaning of the federal "Small Business Act," Pub.L.85-536 (15 U.S.C. 631 et seq.) for the purpose of the small business's eligibility assistance from the United States Small Business Administration.
L.2020, c.15 6, s.83; amended 2021, c.160, s.39.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-351 - Main Street Recovery Finance Program.

34:1B-351 Main Street Recovery Finance Program.
84. The Main Street Recovery Finance Program is hereby established as a program under the jurisdiction of the New Jersey Economic Development Authority. The authority shall administer the program for the purpose of providing grants, loans, and loan guarantees to eligible small businesses in accordance with the provisions of sections 82 through 88 of P.L.2020, c.156 (C.34:1B-349 et al.). A business seeking a grant, loan, or loan guarantee under the program shall submit an application to the authority. The authority shall adopt eligibility criteria for the program and may consider a business's benefit to the community in which it is situated and the degree to which the business enhances economic development in communities that have been severely impacted by the COVID-19 pandemic when making awards under the program.
L.2020, c.156, s.84; amended 2021, c.160, s.40.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-354 - Regulations.

34:1B-354 Regulations.
88. 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 82 through 88 of P.L.2020, c.156 (C.34:1B-349 et al.), 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.88.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-355 - Working Group on Entrepreneur Zones.

34:1B-355 Working Group on Entrepreneur Zones.
90. a. There is established in the New Jersey Economic Development Authority a Working Group on Entrepreneur Zones for the purpose of making recommendations for the establishment of entrepreneur zones throughout the State. The working group shall consider whether the establishment of entrepreneur zones in which the State provides the tax incentives, regulation relief, and financial support to local entrepreneurs is the most effective way to create jobs in the State. The working group shall identify census tracts within the State that are suitable for designation as an entrepreneur zone.
b. The working group shall consist of 14 members appointed by the chief executive officer of the New Jersey Economic Development Authority.
c. Appointments to the working group shall be made within 30 days after the effective date of P.L.2021, c.160. Vacancies in the membership of the working group shall be filled in the same manner as the original appointments were made.
d. Members of the working group shall serve without compensation, but the authority shall reimburse such members for actual expenses necessarily incurred in the discharge of their duties.
e. Members of the working group shall be subject to the provisions of subsection l. of section 4 of P.L.1974, c.80 (C.34:1B-4).
L.2020, c.156, s.90; amended 2021, c.160, s.44.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-356 - Short title.

34:1B-356 Short title.
92. Sections 92 through 97 of P.L.2020, c.156 (C.34:1B-356 through C.34:1B-361) shall be known and may be cited as the "New Jersey Ignite Act."
L.2020, c.156, s.92.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-358 - New Jersey Ignite Program.

34:1B-358 New Jersey Ignite Program.
94. The New Jersey Ignite Program is hereby established as a program under the jurisdiction of the authority. The purpose of the program shall be to foster early stage innovation economy businesses and to help those businesses overcome barriers to commercial success. The authority shall structure the program as a public-private partnership through which the authority provides start-up rent grants to collaborative workspaces, certified pursuant to section 95 of P.L.2020, c.156 (C.34:1B-359), to support the early months of an early stage innovation economy business's rent at the collaborative workspace.
L.2020, c.156, s.94.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-361 - Rules, regulations.

34:1B-361 Rules, regulations.
97. The authority shall promulgate rules and regulations necessary for the effective implementation of sections 92 through 97 of P.L.2020, c.156 (C.34:1B-356 through C.34:1B-361). Notwithstanding any provision of the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.) to the contrary, the authority may adopt, immediately upon filing with the Office of Administrative Law, such regulations as are necessary to implement the provisions of sections 92 through 97 of P.L.2020, c.156 (C.34:1B-356 through C.34:1B-361), which shall be effective for a period not to exceed 12 months following enactment, and shall thereafter be amended, adopted, or readopted by the authority in accordance with the requirements of the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.).
L.2020, c.156, s.97.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-363 - Short title.

34:1B-363 Short title.
99. Sections 99 through 105 of P.L.2020, c.156 (C.34:1B-363 through C.34:1B-369) shall be known and may be cited as the "Economic Development Authority Integrity and Protection Act."
L.2020, c.156, s.99.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-364 - Definitions.

34:1B-364 Definitions.
100. As used in sections 99 through 105 of P.L.2020, c.156 (C.34:1B-363 through C.34:1B-369):
"Economic development incentive" means a financial incentive, awarded by the authority to a person or entity, or agreed to between the authority and a person or entity, for the purpose of stimulating economic development or redevelopment in New Jersey, including, but not limited to, a bond, grant, loan, loan guarantee, matching fund, tax credit, tax deduction, or other tax expenditure.
"Fraud" means a deception or misrepresentation made by any person or entity with the knowledge that the deception or misrepresentation could result in some unauthorized benefit to that person or entity or another person or entity, including any act that constitutes fraud under applicable federal or State law.
"Economic development investigation" means an investigation of fraud, abuse, or illegal acts perpetrated within economic development incentive programs by applicants for, or recipients of, economic development incentives.
"Office of the Economic Development Inspector General" means the Office of the Economic Development Inspector General created by section 102 of P.L.2020, c.156 (C.34:1B-366).
L.2020, c.156, s.100.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-367 - Powers of Economic Development Inspector General.

34:1B-367 Powers of Economic Development Inspector General.
103. a. The Economic Development Inspector General is authorized to request, and shall be entitled to receive, such information, assistance, and cooperation from any State or local government department, board, bureau, commission, or other agency or unit thereof, as may be necessary to carry out the duties and responsibilities of the Office of the Economic Development Inspector General pursuant to sections 102 through 105 of P.L.2020, c.156 (C.34:1B-366 through C.34:1B-369).
b. Upon the request of a prosecutor of competent jurisdiction, an office, department, or any other State or local government entity, the Economic Development Inspector General shall provide information, data, assistance, staff, and other resources as shall be necessary, appropriate and available to aid and facilitate the economic development investigation and prosecution of economic development incentive fraud.
L.2020, c.156, s.103.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-368 - Report by Economic Development Inspector General.

34:1B-368 Report by Economic Development Inspector General.
104. The Economic Development Inspector General shall report annually to the Governor, to the Legislature, pursuant to section 2 of P.L.1991, c.164 (C.52:14-19.1), and to the Attorney General, the activities of the Office of the Economic Development Inspector General, as well as recommendations, if any, for legislation to provide for the management of the State's economic development incentive programs.
L.2020, c.156, s.104.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-369 - Rules, regulations.

34:1B-369 Rules, regulations.
105. The Economic Development Inspector General, pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), shall adopt rules and regulations, in consultation with the authority, the Department of Labor and Workforce Development, and the Department of the Treasury, concerning the administration and enforcement of the Office of the Economic Development Inspector General's duties pursuant to sections 102 through 105 of P.L.2020, c.156 (C.34:1B-366 through C.34:1B-369) in a manner that is most compatible with ensuring against fraud and abuse in the State's economic development incentive programs.
L.2020, c.156, s.105.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-370 - Short title.

34:1B-370 Short title.
65. Sections 65 through 68 of P.L.2021, c.160 (C.34:1B-370 through 34:1B-373) shall be known and may be cited as the "New Jersey Innovation Fellows Program Act."
L.2021, c.160, s.65.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-371 - Findings, declarations relative to entrepreneurs.

34:1B-371 Findings, declarations relative to entrepreneurs.
66. The Legislature finds and declares that:
a. One of the most difficult challenges for upstart entrepreneurs is forgoing employment to launch their businesses.
b. For diverse entrepreneurs from underserved populations, this challenge is often exacerbated as these entrepreneurs historically lack funding from family and friends to support their living expenses while building a business without income.
c. Having alternative sources of capital and new ways to deploy capital to entrepreneurs can be crucial for disadvantaged entrepreneurs in particular.
d. Although many universities provide fellowships for advancing business ideas, this assistance is often only available to students, and there is a dearth of programs designed specifically to support non-student entrepreneurs.
e. The New Jersey Economic Development Authority, through the New Jersey Innovation Fellows Program, shall seek to consolidate public and private economic development efforts through various funding sources into one targeted program to invest in diverse talent critical to New Jersey having a vibrant innovation ecosystem.
L.2021, c.160, s.66.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-372 - Definitions relative to the New Jersey Innovation Fellows Program.

34:1B-372 Definitions relative to the New Jersey Innovation Fellows Program.
67. As used in sections 65 through 68 of P.L.2021, c.160 (C.34:1B-370 through 34:1B-373):
"Authority" means the New Jersey Economic Development Authority established pursuant to section 4 of P.L.1974, c.80 (C.34:1B-4).
"Chief executive officer" means the Chief Executive Officer of the New Jersey Economic Development Authority.
"Eligible municipality" means a city of the first class, a municipality with a private research university, a municipality that is qualified to receive assistance under P.L.1978, c.14 (C.52:27D-178 et seq.), a municipality under the supervision of the Local Finance Board pursuant to the provisions of the "Local Government Supervision Act (1947)," P.L.1947, c.151 (C.52:27BB-1 et seq.), a municipality identified by the Director of the Division of Local Government Services in the Department of Community Affairs to be facing serious fiscal distress, a SDA municipality, or a municipality in which a major rail station is located.
"Entrepreneur" means an individual starting a small business and who meets the eligibility criteria established by the authority for the program.
"Program" means the New Jersey Innovation Fellows Program, established pursuant to section 68 of P.L.2021, c.160 (C.34:1B-373).
"Targeted industry" means any industry identified from time to time by the authority that shall initially include advanced transportation and logistics, advanced manufacturing, aviation, autonomous vehicle and zero-emission vehicle research or development, clean energy, life sciences, hemp processing, information and high technology, finance and insurance, professional services, film and digital media, non-retail food and beverage businesses including food innovation, and other innovative industries that disrupt current technologies or business models.
L.2021, c.160, s.67.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-374 - Findings, declarations.

34:1B-374 Findings, declarations.
1. The Legislature finds and declares it to be the public policy of this State that:
a. Investing in water conservation, stormwater management, renewable energy, energy efficiency, and flood and hurricane mitigation improvements to real property is a critical component in conserving natural resources and mitigating the effects of floods and hurricanes;
b. The up-front costs of retrofitting properties with these improvements are often a barrier to investing in such improvements, and the additional cost of meeting and exceeding new code requirements in connection with new construction is a deterrent to the investments;
c. Recent studies have demonstrated that the existing financing options for these projects have not made them sufficiently available to property owners and developers;
d. Property assessed clean energy ("PACE") financing, in which repayment is made by way of a special assessment on the real property to which the improvement, including new construction upon previously unimproved real property, is made, is an innovative way for property owners to finance or refinance renewable energy, energy and water efficiency, and other eligible improvements which, in turn, saves a significant sum in utility costs or insurance premiums, creates jobs, stimulates local economies, reduces greenhouse gas emissions, and improves the safety and quality of the building stock;
e. To date, PACE programs for commercial properties ("C-PACE") operate in more than 24 other states and the District of Columbia, and they have facilitated more than $2 billion in investment in over 2,100 C-PACE projects;
f. C-PACE financing will enable New Jersey municipalities to contribute toward their goals of community sustainability and reducing greenhouse gas emissions and energy consumption, and will provide a valuable service to the citizens of their communities; and
g. C-PACE financing serves a valid public purpose and enactment of P.L.2021, c.201 (C.34:1B-374 et al.) is expressly declared to be in the public interest.
L.2021, c.201, s.1.
2023 New Jersey Revised Statutes › Title 34 - Labor and Workmen's Compensation › Section 34:1B-376 - Report to Governor, Legislature.

34:1B-376 Report to Governor, Legislature.
3. a. (1) No later than 18 months after the launch date and annually thereafter, the authority shall prepare and submit to the Governor and, pursuant to section 2 of P.L.1991, c.164 (C.52:14-19.1), to the Legislature, a report describing the implementation and operation of the Garden State C-PACE program, including information relating to any administrative costs, the number of C-PACE projects, the location of C-PACE projects, and the amount of financing issued for C-PACE projects under the Garden State C-PACE program.
(2) No later than 18 months after an authorized municipality or a county establishes a local C-PACE program pursuant to section 6 of P.L.2021, c.201 (C.34:1B-379), and annually thereafter, the municipality or county shall prepare and submit to the Governor, the authority, and, pursuant to section 2 of P.L.1991, c.164 (C.52:14-19.1), the Legislature, a report describing the implementation and operation of its local C-PACE program, including information relating to any administrative costs, the number of C-PACE projects, the location of C-PACE projects, and the amount of financing issued for C-PACE projects under its local C-PACE program.
b. (1) No later than five years after the launch date, the authority shall prepare and submit to the Governor and, pursuant to section 2 of P.L.1991, c.164 (C.52:14-19.1), to the Legislature, a report that reviews and assesses implementation of the Garden State C-PACE program. The report shall evaluate the Garden State C-PACE program, including a review of foreclosure rates and any other factors the authority deems appropriate. The report may also identify and recommend legislative changes to P.L.2021, c.201 (C.34:1B-374 et al.). The report shall include an assessment of whether the costs incurred in implementing the Garden State C-PACE Program are an effective means of facilitating the financing of projects.
(2) No later than five years after an authorized municipality or a county establishes a local C-PACE program pursuant to section 6 of P.L.2021, c.201 (C.34:1B-379), the municipality or county shall prepare and submit to the Governor, the authority and, pursuant to section 2 of P.L.1991, c.164 (C.52:14-19.1), the Legislature, a report that reviews and assesses implementation of the local C-PACE program. The report shall evaluate its local C-PACE program, including a review of foreclosure rates and any other factors the authority deems appropriate. The report may also identify and recommend legislative changes to P.L.2021, c.201 (C.34:1B-374 et al.).
c. The authority shall post all reports prepared by the authority pursuant to this section on its Internet website. Each authorized municipality and each county that has established a local C-PACE program shall post all reports prepared by it pursuant to this section on its Internet website.
L.2021, c.201, s.3.