reglab/statecodes huggingface dataset:
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31K - TECHNOLOGY BUSINESS TAX CERTIFICATE TRANSFER PROGRAM › Subchapter 1 - TECHNOLOGY BUSINESS TAX CERTIFICATE TRANSFER PROGRAM › Section 19:31K-1.5 - Evaluation process

Current through Register Vol. 56, No. 14, July 15, 2024
(a) When all of the required information is
				  received, the Authority shall perform its own review based on the standards set
				  forth at N.J.A.C. 19:31K-1.3.
(b)
				  After completing its review pursuant to (a) above, a preliminary determination
				  shall be made by the Authority as to the merits of the request and its
				  adherence to the statutory requirements of the program. Upon this
				  determination, the applicant will receive notification of preliminary approval
				  that will state the conditions that must be met before the Authority will issue
				  final approval. The notification of preliminary approval will state that the
				  Authority will forward the application to the Division of Taxation only upon
				  receipt of the following:
1. A Buying
				  Business Information Sheet which identifies the buyer, the amount of tax
				  benefits to be sold and the selling price;
2. A Tax Benefit Identification Form on which
				  the applicant lists the amount of tax benefits they wish to sell and the years
				  that the Net Operating Loss's and/or Research and Development tax credits were
				  incurred;
3. A Private Financial
				  Assistance Form specifying how the applicant will expend the private financial
				  assistance for allowable expenditures for the operations of the
				  company;
4. An executed form of the
				  standard selling agreement, with the Private Financial Assistance Form attached
				  as an exhibit; and
5. If the
				  applicant was authorized to sell and did sell tax benefits in the prior year, a
				  spending certification that attests that the applicant spent the proceeds of
				  the prior year's sale of tax benefits in accordance with the prior year's
				  Private Financial Assistance Form.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31K - TECHNOLOGY BUSINESS TAX CERTIFICATE TRANSFER PROGRAM › Subchapter 1 - TECHNOLOGY BUSINESS TAX CERTIFICATE TRANSFER PROGRAM › Section 19:31K-1.6 - Approval process

Current through Register Vol. 56, No. 14, July 15, 2024
(a) All
				  applications for eligibility in the program shall be presented to the members
				  of the Authority for approval or denial.
(b) When the members approve or deny a
				  request, the minutes at which such determination occurs are submitted to the
				  Governor.
(c) The members' action
				  is effective 10 working days after the Governor's receipt of the minutes,
				  provided no veto has been issued.
(d) An applicant may appeal the Board's
				  action by submitting in writing to the Authority, within 20 days from the date
				  of the Board's action, an explanation as to how the applicant has met the
				  program criteria. The Authority cannot consider any new evidence or information
				  about the project other than evidence or information that would demonstrate
				  that the applicant met all of the application criteria by the June 30 deadline.
				  Appeals will be handled by the Authority as follows:
1. The Chief Executive Officer shall
				  designate an employee of the Authority to serve as a hearing officer for the
				  appeal and to make a recommendation on the merits of the appeal to the Board.
				  The hearing officer shall perform a review of the written record and may
				  require an in-person hearing. The hearing officer has sole discretion to
				  determine if an in-person hearing is necessary to reach an informed decision on
				  the appeal;
2. Following completion
				  of the record review and/or in-person hearing, as applicable, the hearing
				  officer shall issue a written report to the Board containing his/her finding(s)
				  and recommendation(s) on the merits of the appeal; and
3. The Board shall consider the hearing
				  officer's recommendation(s) and, based on that review, shall issue a final
				  decision on the appeal.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31K - TECHNOLOGY BUSINESS TAX CERTIFICATE TRANSFER PROGRAM › Subchapter 1 - TECHNOLOGY BUSINESS TAX CERTIFICATE TRANSFER PROGRAM › Section 19:31K-1.8 - Recapture of tax benefits

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Unless excepted
				  pursuant to (b) below, if a selling business fails to use the private financial
				  assistance received for the surrender of tax benefits as required by this
				  subchapter or fails to maintain a headquarters or a base of operation in the
				  State during the five years following receipt of the private financial
				  assistance, the seller shall forfeit and remit the face value of the tax credit
				  certificate received for the surrender of tax benefits to the Department of the
				  Treasury in accordance with the provisions at (c) and (d) below. The face value
				  of the tax credit certificate is the amount of surrendered tax
				  benefits.
(b) The forfeiture
				  requirement at (a) above pertaining to the failure to maintain a headquarters
				  or a base of operation in this State shall not be applicable if the failure is
				  due to the liquidation of the new or expanding emerging technology or
				  biotechnology business.
(c) In the
				  event a selling business fails to maintain a headquarters or base of operation
				  in the State during the five years following the receipt of the private
				  financial assistance, the Authority will allow the selling business to retain
				  20 percent of the face value of the tax credit certificate for each full year
				  the business remained in New Jersey providing the business forfeits and remits
				  to the Department of the Treasury 20 percent per year on a cumulative basis for
				  each year the business had remaining on the five year requirement to maintain a
				  headquarters or base of operation in New Jersey.
Examples:
Move within one year of disbursement, recapture percentage
					 equal to 100 percent of the face value of the tax credit certificate
Move within two years of disbursement, recapture percentage
					 equal to 80 percent of the face value of the tax credit certificate
Move within three years of disbursement, recapture
					 percentage equal to 60 percent of the face value of the tax credit
					 certificate
Move within four years of the disbursement, recapture
					 percentage equal to 40 percent of the face value of the tax credit
					 certificate
Move within five years of the disbursement, recapture
					 percentage equal to 20 percent of the face value of the tax credit
					 certificate
(d) In the
				  event a selling business fails to use the tax benefits or cash benefits as
				  required by the Act, the Authority shall require the selling business to remit
				  to the Department of the Treasury 100 percent of the amount of the unallowable
				  expenditures.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31L - ENERGY SALES TAX EXEMPTION PROGRAM › Subchapter 1 - ENERGY SALES TAX EXEMPTION PROGRAM › Section 19:31L-1.1 - Applicability and scope

Current through Register Vol. 56, No. 14, July 15, 2024
The rules in this chapter were promulgated by the New
					 Jersey Commerce, Economic Growth and Tourism Commission (the Commission) to
					 implement P.L. 2004, c.
					 65 (the Act), and specifically, section 23 of the
					 Act (N.J.S.A. 52:27H-87.1). Section 23
					 of the Act establishes an energy sales tax exemption program (the Program) to
					 provide for an exemption of sales and use tax for retail sales of electricity
					 and natural gas and their transport to a qualified business in a New Jersey
					 urban enterprise zone for consumption in the zone, or a vertically integrated
					 combination of qualified businesses manufacturing a single product within a
					 single redevelopment area within an enterprise zone, that employs at least 250
					 people at least 50 percent of whom are directly employed in a manufacturing
					 process. The program was established under the jurisdiction of the Commission,
					 and was administered by the Commission, in accordance with the procedures for
					 obtaining the exemption as may be provided pursuant to the New Jersey Urban
					 Enterprise Zones Act, P.L. 1983, c. 303, the Sales and Use Tax Act, P.L. 1966,
					 c. 30, and this chapter. Effective July 1, 2008, jurisdiction and
					 administration of the program was transferred to the New Jersey Economic
					 Development Authority, pursuant to
					 P.L.
					 2008, c. 27, §
					 10.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31L - ENERGY SALES TAX EXEMPTION PROGRAM › Subchapter 1 - ENERGY SALES TAX EXEMPTION PROGRAM › Section 19:31L-1.3 - Eligibility criteria

Current through Register Vol. 56, No. 14, July 15, 2024
(a) To qualify
				  for energy sales tax exemption for the retail sale, transmission, or
				  distribution of electricity and natural gas, an applicant shall be required to
				  be certified by the Authority to receive the benefits of the New Jersey Urban
				  Enterprise Zone Program pursuant to the New Jersey Urban Enterprise Zones Act,
				  P.L. 1983, c. 303, and the applicable rules of the Authority; and shall be
				  further required to be either:
1. A qualified
				  business that employs at least 250 people within an enterprise zone, at least
				  50 percent of whom are directly employed in a manufacturing process, for the
				  exclusive use or consumption of such business within the enterprise zone;
				  or
2. A group of two or more
				  persons:
i. Each of which is a qualified
				  business and all of which are located within a single redevelopment area
				  adopted pursuant to the "Local Redevelopment and Housing Law, P.L. 1992, c.79
				  (40A:12A-1 et seq.);
ii. That
				  collectively employ at least 250 people within a single redevelopment area
				  within an enterprise zone, at least 50 percent of whom are directly employed in
				  a manufacturing process;
iii. That
				  are each engaged in a vertically integrated business, evidenced by the
				  manufacture and distribution of a product or family of products that, when
				  taken together, are primarily used, packaged and sold as a single product,
				  product line or brand marketing; and
iv. That collectively use the energy and
				  utility service (which may be in separate accounts) for the exclusive use or
				  consumption of each of the persons that comprise a group within a single
				  redevelopment area within an enterprise zone.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31L - ENERGY SALES TAX EXEMPTION PROGRAM › Subchapter 1 - ENERGY SALES TAX EXEMPTION PROGRAM › Section 19:31L-1.4 - Requests for applications

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The
				  Authority shall process applications for the energy sales tax exemption through
				  its New Jersey Urban Enterprise Zone Program. Initial application requests
				  shall be to the New Jersey Economic Development Authority, PO Box 990, Trenton,
				  New Jersey 08625.
(b) Annual
				  renewal for applicants satisfying the criteria of N.J.A.C. 19:31L-1.3(a) will
				  be made during the annual re-certification process in accordance with UEZ
				  Program procedures at N.J.A.C. 5:120-2. For applicants approved within six
				  months prior to their next re-certification date, the requirement for annual
				  renewal shall be deferred to the following re-certification date provided such
				  date is not more than 18 months hence.
(c) Renewal applications by applicants satisfying the criteria for
				  N.J.A.C. 19:31L-1.3(b)2 shall be required to be submitted annually within 45
				  days prior to the expiration date of the energy sales tax exemption.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31L - ENERGY SALES TAX EXEMPTION PROGRAM › Subchapter 1 - ENERGY SALES TAX EXEMPTION PROGRAM › Section 19:31L-1.5 - Submission requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Each
				  application for the energy sales tax exemption submitted to the Authority shall
				  include the following:
1. The name, address
				  and Employer Identification Number (EIN), also known as a Federal tax
				  identification number of the applicant;
2. The address of the facility which is the
				  subject of this application;
3. The
				  number of total employees at the site for which the exemption application is
				  being submitted;
4. The number of
				  full-time employees that are directly employed in the manufacturing process of
				  the applicant;
5. The name and
				  address of the company(ies) that supply, transmit, and distribute electricity
				  and natural gas to the facility;
6.
				  The account identification numbers and billing information including contact
				  name for each account identified in (a)5 above;
7. An estimate of the facility's annual
				  quantity use of electricity and natural gas in units and in dollars;
8. A description of the nature of the
				  business and the facility for which this application is being made;
9. The North American Industrial
				  Classification System identification number(s) applicable to the
				  applicant;
10. Certification that
				  the business applying for this program is not in default with any other program
				  administered by the State of New Jersey; and
11. Such additional information as may
				  required by the Chief Executive Officer to provide a complete and accurate
				  description of the business that is applying for this exemption.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31L - ENERGY SALES TAX EXEMPTION PROGRAM › Subchapter 1 - ENERGY SALES TAX EXEMPTION PROGRAM › Section 19:31L-1.6 - Application and review procedures

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Applicants
				  shall submit to the Authority a completed Application for Energy Sales Tax
				  Exemption. The application, signed by an authorized representative of the
				  business, shall bear either a legible post-mark date or a date-received stamp
				  from the Authority.
(b) The
				  Authority shall conduct a review of the applications in the order received,
				  commencing with the application bearing the earliest submission date. The
				  Authority may require the submission of additional information to complete the
				  application or may require the submission of the entire application, if
				  incomplete. The Authority shall review the applications to determine whether:
1. The application complies with the
				  eligibility criteria;
2. The
				  application satisfies the submission requirements; and
3. The application adequately provides
				  information for the subject applicants.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31L - ENERGY SALES TAX EXEMPTION PROGRAM › Subchapter 1 - ENERGY SALES TAX EXEMPTION PROGRAM › Section 19:31L-1.7 - Monitoring, inspection, and reporting

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The
				  Authority and agents of the State of New Jersey, shall monitor compliance with
				  respect to the eligibility criteria for this energy sales tax exemption. An
				  applicant or any business that is approved to receive this exemption benefit
				  shall permit any agent of the State of New Jersey to enter said business during
				  reasonable business hours to determine compliance with the eligibility criteria
				  of the program. Failure to permit access to determine eligibility will result
				  in the forfeiture of the exemption benefit and may require repayment of sales
				  and use tax previously exempted from payment, as the Authority shall
				  determine.
(b) Each qualified
				  business and qualified group that receives this energy sales tax exemption
				  shall be required to maintain records documenting all of its tax-exempt
				  purchases. This information must be supplied to the Authority upon request. In
				  addition, a report summarizing the totals of all exempt energy purchases must
				  be provided for the prior year as a component of the annual renewal or
				  recertification application.
(c)
				  Each qualified business and qualified group that receives approval of its
				  application for the energy sales tax exemption shall notify the Authority if it
				  ceases to meet the manufacturing and employment requirements for the energy
				  sales tax exemption for more than a total of three weeks in any two consecutive
				  months.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31L - ENERGY SALES TAX EXEMPTION PROGRAM › Subchapter 1 - ENERGY SALES TAX EXEMPTION PROGRAM › Section 19:31L-1.8 - Rescission

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Chief
				  Executive Officer, in addition to any other rights or remedies available
				  pursuant to law, may withhold, reduce, or terminate this sales and use tax
				  exemption or any portion thereof for good cause. The circumstances under which
				  this may occur include, but are not limited to:
1. Failure to comply with the requirements of
				  this subchapter, or other applicable State laws or rules;
2. Failure to comply with any condition or
				  requirement of the Urban Enterprise Zone Program;
3. Failure to maintain the employment levels
				  stipulated in the Urban Enterprise Zone Program;
4. Submission of false or misleading
				  information, or failure to submit relevant or complete information to the
				  Authority;
5. Any act of
				  insolvency, the filing of a petition in bankruptcy (voluntary or involuntary)
				  or the existence of other conditions affecting the financial integrity of the
				  applicant; or
6. Failure to comply
				  with any condition, term, or requirement of the Authority relating to this
				  program.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31L - ENERGY SALES TAX EXEMPTION PROGRAM › Subchapter 1 - ENERGY SALES TAX EXEMPTION PROGRAM › Section 19:31L-1.9 - Appeals

Current through Register Vol. 56, No. 14, July 15, 2024
Appeals pursuant to this chapter shall be subject to the
					 appeals procedures governing sales and use tax exemption at N.J.A.C.
					 19:31P-1.
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-1.1 - Applicability and scope

Current through Register Vol. 56, No. 14, July 15, 2024
The rules in this chapter are promulgated by the New Jersey
					 Economic Development Authority to implement
					 P.L.
					 1996, c. 25
					 (N.J.S.A.
					 34:1B-112 et seq.), as substantially amended
					 at P.L.
					 2004, c. 65,
					 §§ 1 through 16 (the Act) and
					 P.L.
					 2010, c. 123. The Act
					 provides several incentive programs aimed at retaining in New Jersey the
					 full-time jobs of businesses already active in this State. The Act established
					 a business retention and relocation assistance grant program ("BRRAG Program"
					 or "Program"), a tax credit certificate transfer program, a sales and use tax
					 exemption program, and an energy sales tax exemption program (for businesses
					 located in New Jersey urban enterprise zones). The purpose of the BRRAG Program
					 is to encourage economic development and to preserve jobs that currently exist
					 in New Jersey, but which are in danger of being relocated to premises outside
					 of the State. To implement that purpose, and to the extent that funding for the
					 Program is available, the Program may provide grants of tax credits but in no
					 case shall the amount of an individual grant of tax credits exceed the
					 limitations set forth in this subchapter and further specified in the project
					 agreement of an applicant for a grant of tax credits.
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-1.3 - Eligibility criteria

Current through Register Vol. 56, No. 14, July 15, 2024
(a) To qualify
				  for the program, a business shall:
1. Enter
				  into a project agreement with the Authority to undertake a project to:
i. Relocate or maintain a minimum of 50
				  retained full-time jobs from one or more locations within this State to a new
				  business location or locations in this State; and
ii. Maintain the retained full-time jobs
				  pursuant to the project agreement for the commitment
				  duration.
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-1.4 - Restrictions on eligibility

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A business
				  that is receiving a Business Employment Incentive Program grant shall not be
				  eligible to receive a grant of tax credits under this program with respect to a
				  job that is included in the calculation of a BEIP grant pursuant to
				  P.L.
				  1996, c. 26 subsequent
				  to being moved to the approved project site.
(b) A business that is receiving any other grant by operation of
				  State law shall be eligible to receive a grant of tax credits under this
				  program provided:
1. A business that is
				  receiving another State grant shall not be eligible to receive assistance with
				  respect to any job that is currently the subject of any other State grant,
				  except for grants from the Office of Customized Training pursuant to the 1992
				  New Jersey Employment and Workforce Development Act, P.L. 1992, c. 43
				  (N.J.S.A.
				  34:15D-1 et seq.).
2. The State will realize a net positive
				  benefit from the grant of tax credits and resultant retention of full-time jobs
				  and any capital investment when combined with any other State grants equaling
				  at least 110 percent of the grant of tax credits during the commitment duration
				  but not less than eight years, except upon approval of the State
				  Treasurer.
3. Amounts received as
				  grants from the Office of Customized Training pursuant to the 1992 New Jersey
				  Employment and Workforce Development Act, P.L. 1992, c. 43 (N.J.S.A.
				  34:15D-1 et seq.), shall be excluded from the
				  calculation of the total amount permitted.
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-1.5 - Requests for applications

Current through Register Vol. 56, No. 14, July 15, 2024
All application requests shall be made to the New Jersey
					 Economic Development Authority, 36 West State Street, PO. Box 990, Trenton, NJ
					 08625 on forms and/or in a manner prescribed by the Authority.
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-1.6 - Application submission requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Each
				  application to the Authority shall include the following information in an
				  application format prescribed by the Authority:
1. Business information shall include the
				  following:
i. The name of the
				  business;
ii. The address of the
				  business;
iii. The type of
				  business;
iv. Principal products
				  and services;
v. The contact person
				  for this application;
vi. The New
				  Jersey tax identification number;
vii. The Federal tax identification
				  number;
viii. The total number of
				  employees in New Jersey;
ix. The
				  total number of years of operation in New Jersey including evidence that the
				  business or a predecessor entity has been operating, in whole or in part, in
				  this State for at least 10 years prior to the filing of the
				  application;
x. A written
				  certification by the chief executive officer, or equivalent officer for North
				  American operations, stating that the business applying for this program is not
				  in default with any other program administered by the State of New Jersey and
				  that he or she has reviewed the application information submitted and that the
				  representations contained therein are accurate;
xi. Unless excepted under N.J.A.C.
				  19:31M-1.3(c), certification that the availability of financial assistance from
				  the State as provided in this program at the site proposed for approval is a
				  material factor in the business' decision not to relocate outside of New Jersey
				  and that the employees to be covered are at-risk of being relocated outside of
				  the State, and instead, to undertake the project and to relocate the full-time
				  jobs relating to the project in the State;
xii. Indication of whether the business has
				  applied for other State tax benefits, including, but not limited to, the
				  programs authorized pursuant to
				  P.L.
				  2004, c. 65;
				  and
xiii. Any other necessary and
				  relevant information as determined by the Authority for a specific
				  application.
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-1.7 - Review of application

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Applicants
				  shall submit to the Authority a completed BRRAG Program application at least 45
				  days prior to moving to the new business location; provided, however, a
				  business relocating 1,500 or more retained full-time jobs to one or more new
				  locations within a designated urban center shall, if relocating to a leased
				  location, submit an application within six months of executing its lease. A
				  company that has had grant pre-application meetings with the Authority and has
				  executed contracts relating to the new business location during the period
				  commencing May 1, 2010 until the enactment of
				  P.L.
				  2010, c. 123 shall not
				  be deemed ineligible for the grant due to the requirement to apply 45 days
				  before moving to the new business location. The application shall bear either a
				  legible post-mark date or a date-received stamp from the Authority.
(b) The Authority shall conduct a review of
				  the applications commencing with the application bearing the earliest
				  submission date. The Authority may require the submission of additional
				  information to complete the application or may require the resubmission of the
				  entire application, if incomplete. The Authority shall review, and provide a
				  recommendation to the Chief Executive Officer regarding, the applications to
				  determine whether the applicant:
1. Complies
				  with the eligibility criteria;
2.
				  Satisfies the submission requirements; and
3. Adequately provides information for the
				  subject application.
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-1.9 - Bonus award

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In addition
				  to any grant of tax credits determined pursuant to section 7 at
				  P.L.
				  2004, c. 65
				  (N.J.S.A.
				  34:1B-115.3), a bonus award equivalent to 50
				  percent of the amount of the original grant of tax credits shall be made to any
				  business that relocates more than 2,000 full-time employees covered by the
				  project agreement from one or more locations outside of a designated urban
				  center into a designated urban center, provided as follows:
1. All other applicable requirements of the
				  program are satisfied; and
2. No
				  grant of tax credits shall be awarded pursuant to this section for any job that
				  is moved from its current location in an urban enterprise zone designated
				  pursuant to the New Jersey Urban Enterprise Zones Act, P.L. 1983, c. 303
				  (N.J.S.A.
				  52:27H-60 et seq.) to a location that is not
				  within an urban enterprise zone.
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-1.11 - Tax credit applicable; when effective; when adjusted

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A tax credit
				  issued pursuant to this program may be applied solely against liability in the
				  tax period(s) and in the State fiscal year(s) prescribed in the project
				  agreement and in the manner set forth at N.J.A.C. 19:31M-1.8(a) and shall
				  expire thereafter.
(b) By the date
				  indicated in the project agreement, the applicant shall submit a certification
				  to the Chief Executive Officer that it has relocated the retained employees. To
				  the extent that the number of employees is less than the number indicated on
				  its application but remains 50 or more, the award of tax credits shall be
				  adjusted accordingly and the project agreement shall be amended to so reflect
				  the reduction pursuant to N.J.A.C. 19:31M-1.13(b).
(c) The total value of the grants of tax
				  credits approved by the Authority pursuant to this program that may be applied
				  against tax liability for any tax period shall not exceed an aggregate annual
				  limit of $ 20,000,000. If the approval of a grant of tax credits pursuant to
				  N.J.A.C. 19:31M-1.8(a) would exceed the $ 20,000,000 aggregate annual limit,
				  the Authority may award a smaller grant of tax credits, no grants of tax
				  credits or may assign credits to be issued in subsequent years, as necessary to
				  comply with the aggregate limit.
(d) The total value of the grants of tax
				  credits, issued pursuant this program, that a single business may apply against
				  its tax liability shall not exceed an aggregate annual limit of $ 10,000,000 in
				  a fiscal year. A tax credit issued pursuant to this program may be applied
				  against liability in the single tax period in which the tax credit or portion
				  of the tax credit may be applied as prescribed in the project agreement and as
				  set forth at N.J.A.C. 19:31M-1.8(a) and shall expire thereafter.
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-1.12 - New business location for the project

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Once the
				  project agreement is fully executed by the business and the Authority, the
				  business shall complete the project and seek a temporary certificate of
				  occupancy and such other permits and approvals as may be required for the new
				  business location in a timely manner, as further described in the project
				  agreement.
(b) The business shall
				  design, acquire, install, and operate the new business location in compliance
				  with all applicable Federal, State and local laws or ordinances (including
				  rules and regulations) related to zoning, building safety, and environmental
				  quality.
(c) The business shall not
				  use any hazardous substance on, from, or affecting the new business location in
				  any manner which violates any environmental law, and shall keep or cause the
				  new business location to be kept free of hazardous substances, except as
				  provided in applicable environmental law.
(d) The business shall comply with the
				  Authority's prevailing wage requirements, N.J.A.C. 19:30-4, and affirmative
				  action requirements, N.J.A.C. 19:30-3, in the performance of the construction
				  contract for the project, provided that prevailing wage shall not be required
				  for construction commencing more than two years after an entity has executed
				  with the Authority a commitment letter and the first payment or other
				  provisions of assistance is received.
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-1.13 - Reporting requirements and annual reports

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If requested
				  by the Authority, a business which is awarded a grant of tax credits under this
				  program shall submit a copy of the State tax return for the business showing
				  business income or activity, appropriate to its form of ownership.
(b) As determined by the Authority, a
				  business which is awarded a grant of tax credits pursuant to
				  P.L.
				  1996, c. 25
				  (N.J.S.A.
				  34:1B-112 et seq.) shall submit annually, no
				  later than March 1st of each year, commencing in the year in which the grant of
				  tax credits is issued and for the remainder of the commitment duration, a
				  certification of compliance that indicates that the business continues to
				  maintain the number of retained full-time jobs as specified in the project
				  agreement. Retained full-time jobs shall be calculated by averaging the monthly
				  average of the business' retained full-time jobs in the previous calendar year,
				  provided if the previous calendar year is the year in which the business
				  submitted the certificate required pursuant to N.J.A.C. 19:31M-1.11(b), such
				  calculation shall use only the months since the submission of the certificate.
				  Upon receipt and review thereof during the tax credit term, the Authority shall
				  issue a certificate of compliance indicating the amount of tax credits that the
				  business may apply against liability pursuant to section 7 at
				  P.L.
				  2004, c. 65
				  (N.J.S.A.
				  34:1B-115.3). Any reduction in the number of
				  retained full-time jobs below the number prescribed under the terms of the
				  project agreement shall proportionately reduce the amount of tax credits the
				  business may apply against liability in that tax period and the credits that
				  may no longer be applied for that tax period shall be forfeited. However, if in
				  any tax period, the number of retained full-time jobs drops below the minimum
				  number of retained full-time jobs indicated in the paragraph of subsection b.
				  of section 7 at
				  P.L.
				  2004, c. 65
				  (N.J.S.A.
				  34:1B-115.3) pursuant to which the project
				  agreement was executed such that the business would no longer be eligible to
				  apply the credits for the number of years for which it was approved, then the
				  Authority shall reduce the amount of tax credits the business may apply against
				  liability and the number of years in which the business may apply the tax
				  credits. The grant shall be subject to recapture provisions pursuant to the
				  project agreement.
(c) The project
				  agreement may provide for additional reporting requirements.
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-1.14 - Fees

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A non-refundable application fee of $
				  1,000 shall accompany every application for assistance.
(b) A non-refundable commitment fee of two
				  percent of the assistance not to exceed $ 75,000 shall be charged with the
				  acceptance by an applicant of the assistance.
(c) For each project with total approved tax
				  credits of $ 1,000,000 or less, a non-refundable fee of $ 1,000 shall be paid
				  for each request for any administrative changes, additions, or modifications to
				  the grant; and a non-refundable fee of $ 2,500 shall be paid for any major
				  changes, additions, or modifications to the grant, such as those requiring
				  extensive staff time and Board approval. For each project with total approved
				  tax credits of $ 1,000,000 to $ 5,000,000, a non-refundable fee of $ 2,500
				  shall be paid for each request for any administrative changes, additions, or
				  modifications to the grant; and a non-refundable fee of $ 7,500 shall be paid
				  for any major changes, additions, or modifications to the grant, such as those
				  requiring extensive staff time and Board approval. For each project with total
				  approved tax credits in excess of $ 5,000,000, a non-refundable fee of $ 5,000
				  shall be paid for each request for any administrative changes, additions, or
				  modifications to the grant; and a non-refundable fee of $ 25,000 shall be paid
				  for any major changes, additions, or modifications to the grant, such as those
				  requiring extensive staff time and Board approval.
(d) In addition to the fees in (a), (b) and
				  (c) above, an annual servicing fee shall be paid to the Authority. The
				  servicing fee shall be two percent of the annual tax credit amount that may be
				  applied not to exceed $ 75,000.
(e)
				  The full amount shall be paid of direct costs of due diligence, including, but
				  not limited to, debarment/disqualification reviews, or other analyses by a
				  third-party retained by the Authority, if the Authority deems such retention to
				  be necessary.
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-1.15 - Events of default

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The
				  occurrence of any one or more of the following events (whether such event shall
				  be voluntary or involuntary or come about or be effected by operation of law or
				  pursuant to or in compliance with any judgment, decree or order of any court or
				  any order, rule or regulation of any administrative or governmental body) shall
				  constitute an "event of default" under the project agreement:
1. The business fails to strictly observe or
				  comply with the limitations and conditions of the use of the grant of tax
				  credits as set forth in this subchapter, the tax credit certificate and the
				  project agreement;
2. Any
				  representation or warranty made by the business in its application or in the
				  project agreement that is false, misleading, or inaccurate in any material
				  respect;
3. Failure to comply with
				  any condition or requirement of the project agreement; or
4. The business fails to serve or perform in
				  any other material respect any other term, covenant or condition of the
				  business under the project agreement and this subchapter and such failure shall
				  have continued for 30 days after the earlier of delivery to the business of
				  written notice thereof from the Authority or the business's actual or
				  constructive knowledge of such failure; provided, however, that if such failure
				  is capable of cure, but cannot be cured by the payment of money or by diligent
				  efforts within such 30-day period, but diligent efforts are properly commenced
				  within the cure period and business is diligently pursuing, and shall continue
				  to pursue diligently, remedy of such failure, the cure period shall be extended
				  for an additional period of time, not to exceed an additional 45 days and in no
				  case to extend beyond the expiration of the project agreement. Violations of
				  the "events of default" provision of the project agreement shall be cause for
				  immediate termination of the tax credit certificate as provided by law and
				  repayment of State tax.
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-1.16 - Remedies

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Upon the
				  occurrence of any event of default as described in N.J.A.C. 19:31M-1.15 and the
				  project agreement, the Authority may, so long as such event of default is
				  continuing, do one or more of the following as the Chief Executive Officer in
				  his or her sole discretion shall determine, without limiting any other right or
				  remedy the Authority or the Division of Taxation may have on account of such
				  event of default:
1. The Authority may
				  require the surrender by the business to the Authority of the tax credit
				  certificate for suspension or cancellation; and/or
2. The Authority may exercise any other right
				  or remedy that may be available under applicable law or under the project
				  agreement, including, without limitation:
i.
				  Recapturing all (for example, if a business is unable to certify the minimum
				  job threshold during the commitment duration) or a portion of the grant of tax
				  credits upon failure of the business to maintain for the remainder of the
				  commitment duration 80 percent of the retained full-time jobs that it had
				  during the last year of the tax credit term;
ii. Notifying the Director, who shall issue a
				  recapture assessment which shall be based upon the proportionate value of the
				  grant of tax credits that corresponds to the amount and period of
				  noncompliance;
iii. Recovering
				  damages for loss of a bargain for any default during the commitment
				  duration;
iv. Terminating the
				  project agreement; or
v. Proceeding
				  by appropriate court action (legal or equitable) to enforce the terms of the
				  project agreement.
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-1.17 - Appeals

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The
				  procedure for an appeal of the Board's action on an application to the program
				  shall be as follows. An applicant may appeal the Board's action by submitting
				  in writing to the Authority, within 30 days from the date of the Board's
				  action, an explanation as to how the applicant has met the program criteria.
				  Such appeals are not contested cases subject to the requirements of the
				  Administrative Procedure Act, 52:14B-1 et seq. and the Uniform Administrative
				  Procedure Rules, N.J.A.C. 1:1. Appeals will be handled by the Authority as
				  follows:
1. The Chief Executive Officer shall
				  designate an employee of the Authority to serve as a hearing officer for the
				  appeal and to make a recommendation on the merits of the appeal to the Board.
				  The hearing officer shall perform a review of the written record and may
				  require an in-person hearing. The hearing officer has sole discretion to
				  determine if an in-person hearing is necessary to reach an informed decision on
				  the appeal;
2. Following completion
				  of the record review and/or in-person hearing, as applicable, the hearing
				  officer shall issue a written report to the Board containing his/her finding(s)
				  and recommendation(s) on the merits of the appeal; and
3. The Board shall consider the hearing
				  officer's recommendation(s) and, based on that review, shall issue a final
				  agency decision on the appeal.
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-1.18 - Severability

Current through Register Vol. 56, No. 14, July 15, 2024
If any section, subsection, provision, clause, or portion
					 of this subchapter is adjudged unconstitutional or invalid by a court of
					 competent jurisdiction, the remaining portions of this subchapter shall not be
					 affected thereby.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31N - TAX CREDIT CERTIFICATE TRANSFER PROGRAM › Subchapter 1 - TAX CREDIT CERTIFICATE TRANSFER PROGRAM › Section 19:31N-1.1 - Applicability and scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The rules in
				  this chapter are promulgated by the New Jersey Economic Development Authority
				  to implement P.L. 1996, c.
				  25, as substantially amended at
				  P.L.
				  2004, c. 65 (the Act),
				  and specifically section 17 of the Act (N.J.S.A.
				  34:1B-120.2). The Act provides several
				  incentive programs aimed at retaining in New Jersey the full-time jobs of
				  businesses already active in this State. The Act established a business
				  retention and relocation assistance grant program, a tax credit certificate
				  transfer program (the "BRRAG Tax Credit Certificate Transfer Program" or
				  "Program"), a sales and use tax exemption program, and an energy sales tax
				  exemption program (for businesses located in New Jersey urban enterprise
				  zones).
(b) The purpose of the
				  BRRAG Tax Credit Certificate Transfer Program is to allow businesses in this
				  State with unused amounts of BRRAG tax credit to surrender those tax credits to
				  other corporations desiring such credits which in exchange will provide private
				  financial assistance to assist in the funding of costs incurred by the
				  relocating business. A BRRAG tax credit may be applied against liability
				  arising in the tax period in which the tax credit is issued and the tax period
				  next following, and shall expire thereafter. However, it is possible that
				  unused credits that remain stranded in the allowable periods may be utilized in
				  the event of future additional liability, like an audit assessment. Therefore,
				  eligibility for this program will require the business to certify that, to the
				  best of its knowledge, it cannot use the tax credits originally issued for the
				  tax periods in which the credits are allowable.