New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31M - BUSINESS RETENTION AND RELOCATION ASSISTANCE GRANT PROGRAM › Subchapter 1 - BUSINESS RETENTION AND RELOCATION ASSISTANCE GRANT PROGRAM › Section 19:31M-1.8 - Determination of grant amount

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Subject to
				  the limitation set forth at N.J.A.C. 19:31M-1.11(c) and (d), grants of tax
				  credits shall be approved for qualifying businesses according to the following
				  schedule, and shall be issued upon the execution and satisfaction of the
				  requirements of the project agreement between the Authority and the business
				  with an approved project:
1. For a project
				  that covers a business relocating or retaining 50 to 250 full-time employees, a
				  grant of tax credits shall be for the yearly tax credit amount plus any
				  applicable bonus award determined pursuant to section 5 at
				  P.L.
				  2004, c. 65
				  (N.J.S.A.
				  34:1B-115.1), and may be applied against
				  liability in the tax period in which the tax credit is issued;
2. For a project that covers a business
				  relocating or retaining 251 to 400 full-time employees, a grant of tax credits
				  shall be for two times the yearly tax credit amount plus any applicable bonus
				  award determined pursuant to section 5 at
				  P.L.
				  2004, c. 65
				  (N.J.S.A.
				  34:1B-115.1), and may be applied against
				  liability in the tax period in which the tax credit is issued and the following
				  tax period, for one-half of the total grant award per tax period, provided that
				  the use of the credit must be accompanied by a certificate of
				  compliance;
3. For a project that
				  covers a business relocating or retaining 401 to 600 full-time employees, a
				  grant of tax credits shall be for three times the yearly tax credit amount plus
				  any applicable bonus award determined pursuant to section 5 at
				  P.L.
				  2004, c. 65
				  (N.J.S.A.
				  34:1B-115.1) and may be applied against
				  liability in the tax period in which the tax credit is issued and the following
				  two tax periods, for one-third of the total grant award per tax period,
				  provided that the use of the credit must be accompanied by a certificate of
				  compliance;
4. For a project that
				  covers a business relocating or retaining 601 to 800 full-time employees, a
				  grant of tax credits shall be for four times the yearly tax credit amount plus
				  any applicable bonus award determined pursuant to section 5 at
				  P.L.
				  2004, c. 65
				  (N.J.S.A.
				  34:1B-115.1) and may be applied against
				  liability in the tax period in which the tax credit is issued and the following
				  three tax periods, for one-fourth of the total grant award per tax period,
				  provided that the use of the credit must be accompanied by a certificate of
				  compliance;
5. For a project that
				  covers a business relocating or retaining 801 to 1,000 full-time employees, a
				  grant of tax credits shall be for five times the yearly tax credit amount plus
				  any applicable bonus award determined pursuant to section 5 at
				  P.L.
				  2004, c. 65
				  (N.J.S.A.
				  34:1B-115.1) and may be applied against
				  liability in the tax period in which the tax credit is issued and the following
				  four tax periods, for one-fifth of the total grant award per tax period,
				  provided that the use of the credit must be accompanied by a certificate of
				  compliance; and
6. For a project
				  that covers a business relocating or retaining 1,001 or more full-time
				  employees, a grant of tax credits shall be for six times the yearly tax credit
				  amount plus any applicable bonus award determined pursuant to section 5 at
				  P.L.
				  2004, c. 65
				  (N.J.S.A.
				  34:1B-115.1) and may be applied against
				  liability in the tax period in which the tax credit is issued and the following
				  five tax periods, for one-sixth of the total grant award per tax period,
				  provided that the use of the credit must be accompanied by a certificate of
				  compliance.