reglab/statecodes huggingface dataset:
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31Q - GROW NEW JERSEY ASSISTANCE PROGRAM › Subchapter 1 - GROW NEW JERSEY ASSISTANCE PROGRAM › Section 19:31Q-1.6 - Fees

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A business
				  applying for benefits under this program shall submit a one-time non-refundable
				  application fee, with payment in the form of a check, payable to the "New
				  Jersey Economic Development Authority." The application fee shall be as
				  follows:
1. For projects with total tax
				  credits of $ 10,000,000 or less and 100 or fewer new and retained full-time
				  jobs, the fee to be charged at application shall be $ 1,000;
2. For projects with total tax credits of $
				  10,000,000 or less and more than 100 new and retained jobs, the fee to be
				  charged at application shall be $ 2,500; and
3. For projects with total tax credits in
				  excess of $ 10,000,000, the fee to be charged at application shall be $
				  5,000.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31Q - GROW NEW JERSEY ASSISTANCE PROGRAM › Subchapter 1 - GROW NEW JERSEY ASSISTANCE PROGRAM › Section 19:31Q-1.7 - Review of application and certification of project completion

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A business
				  seeking an approval of tax credits for a qualified business facility shall
				  apply for tax credits prior to July 1, 2019, except as set forth at N.J.A.C.
				  19:31Q-1.3(b) and except for businesses seeking a credit for a mega project,
				  which shall apply by September 18, 2017, four years after the effective date of
				  P.L.
				  2013, c. 161.
(b) The Authority shall conduct a review of
				  the applications commencing with the completed application bearing the earliest
				  submission date or if interest in the program so warrants, at its discretion
				  and upon notice, institute a competitive application process whereby all
				  applications submitted by a date certain will be evaluated as if submitted on
				  that 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. In order to be deemed complete, the application
				  shall identify the proposed project site and demonstrate financial and
				  organizational ability to undertake the proposed project through evidence of
				  available capital sufficient to complete the project. The review will determine
				  whether the applicant:
1. Complies with the
				  eligibility criteria;
2. Satisfies
				  the submission requirements; and
3.
				  Provides adequate information for the subject application.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31Q - GROW NEW JERSEY ASSISTANCE PROGRAM › Subchapter 1 - GROW NEW JERSEY ASSISTANCE PROGRAM › Section 19:31Q-1.8 - Determination of grant amount; bonus award

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The total amount of the tax credit for an
				  eligible business shall be for each new or retained full-time job as set forth
				  in this section. The total tax credit amount shall be calculated and credited
				  to the business annually for each year of the eligibility period; however,
				  except as set forth at N.J.A.C. 19:31Q-1.11(e), the total tax credit amount
				  credited annually to the business shall not exceed the maximum amount
				  determined by the Board pursuant to N.J.A.C. 19:31Q-1.7(d) and the amount
				  calculated pursuant to N.J.A.C. 19:31Q-1.7(g), divided by the number of years
				  in the eligibility period. The total amount of tax credit shall be calculated
				  by combining the jobs in buildings that have the same factors set forth in this
				  section that affect the tax credit calculation. The total amount of tax credit
				  shall be calculated separately for jobs in a building with factors that are
				  different than the factors affecting the calculation for jobs in the other
				  buildings in a complex of buildings. Notwithstanding that the total tax credit
				  for jobs in different buildings may be calculated separately, forfeitures
				  pursuant to N.J.A.C. 19:31Q-1.15 and defaults and recaptures included in the
				  incentive agreement pursuant to N.J.A.C. 19:31Q-1.10(b) shall be based on the
				  aggregate capital investment and eligible full-time jobs.
(b) The base amount of the tax credit for
				  each new or retained full-time job shall be as follows:
1. For a qualified business facility located within an urban
				  transit hub municipality, in a Garden State Growth Zone, a Garden State Create
				  Zone and used by an eligible business in a targeted industry to conduct a
				  collaborative research relationship with a doctoral university within the zone,
				  or which is a mega project, $ 5,000 per year;
2. For a qualified business facility located within a distressed
				  municipality but not qualifying pursuant to (b)1 above, $ 4,000 per
				  year;
3. For a project in a
				  priority area, $ 3,000 per year; and
4. For a project in other eligible areas, $ 500.00 per
				  year.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31Q - GROW NEW JERSEY ASSISTANCE PROGRAM › Subchapter 1 - GROW NEW JERSEY ASSISTANCE PROGRAM › Section 19:31Q-1.11 - Reporting requirements and annual reports

Current through Register Vol. 56, No. 14, July 15, 2024
(a) After
				  notification pursuant to N.J.A.C. 19:31Q-1.7(g), the business shall submit an
				  annual report that includes a certification of a qualified independent
				  certified public accountant, that may be made pursuant to an "agreed upon
				  procedures" letter acceptable to the Authority, which shall contain the
				  following information at (a)1 and 2 below, as well as a certification from the
				  business indicating whether or not the business is aware of any condition,
				  event, or act, that would cause the business not to be in compliance with the
				  approval, the Act, the incentive agreement, or this subchapter:
1. The number of full-time employees and new
				  or retained full-time positions employed at the qualified business facility,
				  the list of affiliates that contributed to the full-time employees at the
				  qualified business facility, the number of full-time employees in its Statewide
				  workforce as defined at N.J.A.C. 19:31Q-1.15(a), the number of full-time
				  employees in New Jersey in the last tax period prior to the credit amount
				  approval of any affiliate that contributed to the full-time employees and was
				  not listed in the application, total lease payments, and information on any
				  change or anticipated change in the identity of the entities comprising the
				  business elected to claim all or a portion of the credit. This annual report is
				  due 120 days after the end of the business's tax privilege period; and failure
				  to submit the annual report within 120 days, absent extenuating circumstances
				  and the written approval of the Authority, will result in forfeiture of the tax
				  credit for that privilege period. To the extent a business has received an
				  award for both new and retained full-time jobs, the business shall meet the
				  employment requirements as set forth at N.J.A.C. 19:31Q-1.4(d); and
2. For an organization operating a qualified
				  incubator facility that applied on behalf of businesses or positions, the
				  number of full-time employees or positions in the space restricted for use by
				  technology company startup companies and the number of full-time employees or
				  positions outside of the space restricted for use by technology company startup
				  companies. The annual certification shall demonstrate that at least 50 percent
				  of the qualified business incubator remains restricted for such use and that
				  any company in the restricted space continues to qualify as a technology
				  startup company.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31Q - GROW NEW JERSEY ASSISTANCE PROGRAM › Subchapter 1 - GROW NEW JERSEY ASSISTANCE PROGRAM › Section 19:31Q-1.12 - Tax credit certificate

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The tax
				  credit certificate shall set forth the following terms:
1. The starting date of the tax period and
				  the commitment duration;
2. The
				  amount of the tax credits;
3. A
				  requirement that any use of the tax certificate be accompanied by a letter of
				  compliance;
4. In the event that
				  the Board has approved an application for a business using one or more
				  affiliates in order to satisfy the employment and or capital investment
				  requirements of the program, a schedule setting forth the eligible affiliates
				  and a requirement by the business to notify the Authority at least seven days
				  prior to date of filing relating to each tax accounting or privilege period the
				  proposed allocation of tax credits by the business;
5. Events that would trigger reduction and
				  forfeiture of tax credit amounts; and
6. Reporting requirements and the requirement
				  for an annual tax clearance certificate issued by the Division of Taxation
				  pursuant to P.L. 2007, c.
				  200.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31Q - GROW NEW JERSEY ASSISTANCE PROGRAM › Subchapter 1 - GROW NEW JERSEY ASSISTANCE PROGRAM › Section 19:31Q-1.14 - Cap on total credits

Current through Register Vol. 56, No. 14, July 15, 2024
The combined value of all credits approved by the
					 Authority pursuant to
					 P.L.
					 2007, c. 346 and
					 P.L.
					 2010, c. 57
					 (N.J.S.A.
					 34:1B-207 et seq.) prior to December 31,
					 2013, shall not exceed $ 1,750,000,000, except as may be increased by the
					 Authority as set forth in paragraph (5) of subsection a. of
					 P.L.
					 2009, c. 90
					 (N.J.S.A.
					 34:1B-209.3).
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31Q - GROW NEW JERSEY ASSISTANCE PROGRAM › Subchapter 1 - GROW NEW JERSEY ASSISTANCE PROGRAM › Section 19:31Q-1.15 - Reduction and forfeiture of tax credits

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If, in
				  any tax period during the eligibility period, the business reduces the total
				  number of full-time employees in its Statewide workforce by more than 20
				  percent from the number of full-time employees in its Statewide workforce in
				  the last tax period prior to the credit amount approval, then the business
				  shall forfeit its credit amount for that tax period and each subsequent tax
				  period, until the first tax period for which documentation demonstrating the
				  restoration of the business's Statewide workforce to the threshold levels
				  required by this paragraph has been reviewed and approved by the Authority, for
				  which tax period and each subsequent tax period the full amount of the credit
				  shall be allowed. The Statewide workforce shall not include full-time employees
				  at any point-of-final-purchase retail facilities, unless the award includes
				  full-time employees engaged in final point of sale retail. The number of
				  full-time employees in a business's Statewide workforce shall not include a new
				  eligible position at the qualified business facility, unless the new eligible
				  position is in addition to the number of full-time employees specified in the
				  incentive agreement and the business is not receiving an additional tax credit
				  award for the new eligible position pursuant to N.J.A.C. 19:31Q-1.11(e) or (f).
1. For purposes of this subsection,
				  "business" shall include any affiliate that contributed to the full-time
				  employees at the qualified business facility for the relevant tax period or
				  contributed capital investment to the project.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31Q - GROW NEW JERSEY ASSISTANCE PROGRAM › Subchapter 1 - GROW NEW JERSEY ASSISTANCE PROGRAM › Section 19:31Q-1.16 - Effect of sale or lease of qualified facilities

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If the
				  qualified business facility is sold by the owner in whole or in part during the
				  eligibility period, the new owner shall not acquire the capital investment of
				  the seller and the seller shall forfeit all credits for the tax period in which
				  the sale occurs and all subsequent tax periods, provided, however, that any
				  credits of the business shall remain unaffected. If the business merges with or
				  consolidates with another entity, the resulting or transferee entity shall not
				  be considered the new owner.
(b)
				  Unless otherwise permitted in this subchapter, if a business leases or
				  subleases the qualified business facility in whole or in part during the
				  eligibility period, the new tenant shall not acquire the credit of the
				  business, and the business shall forfeit all credits for the tax period of its
				  lease or sublease and all subsequent tax periods. Notwithstanding the
				  foregoing, a business may lease or sublease an amount up to five percent of the
				  qualified business facility to a new tenant without forfeiting any of the
				  business's credits; however, no full-time employees or capital investment by
				  the new tenant shall contribute to the business's eligible full-time employees
				  or capital investment.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31Q - GROW NEW JERSEY ASSISTANCE PROGRAM › Subchapter 1 - GROW NEW JERSEY ASSISTANCE PROGRAM › Section 19:31Q-1.17 - Affirmative action and prevailing wage

Current through Register Vol. 56, No. 14, July 15, 2024
The Authority's affirmative action requirements, P.L. 1979,
					 c. 203 (N.J.S.A. 34:1B-5.4), and
					 prevailing wage requirements,
					 P.L.
					 2007, c. 245
					 (N.J.S.A.
					 34:1B-5.1), will apply to State incentive
					 grant projects undertaken in connection with financial assistance received
					 under the Grow New Jersey Assistance Program.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31Q - GROW NEW JERSEY ASSISTANCE PROGRAM › Subchapter 1 - GROW NEW JERSEY ASSISTANCE PROGRAM › Section 19:31Q-1.18 - Appeals

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Board's
				  action on applications shall be effective 10 business days after the Governor's
				  receipt of the minutes, provided neither an early approval nor veto has been
				  issued.
(b) An applicant may appeal
				  the Board's action by submitting in writing to the Authority, within 20
				  calendar 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.
(c) Appeals that are timely submitted shall
				  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. The Authority may consider new evidence or
				  information that would demonstrate that the applicant meets all of the
				  application criteria.
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 or her
				  finding(s) and recommendation(s) on the merits of the appeal. The hearing
				  officer's report shall be advisory in nature. The Chief Executive Officer, or
				  equivalent officer, of the Authority may also include a recommendation to the
				  written report of the hearing officer. The applicant shall receive a copy of
				  the written report of the hearing officer, which shall include the
				  recommendation of the Chief Executive Officer, if any, and shall have the
				  opportunity to file written comments and exceptions to the hearing officer's
				  report within five business days from receipt of such report.
3. The Board shall consider the hearing
				  officer's report, the recommendation of the Chief Executive Officer, or
				  equivalent officer, if any, and any written comments and exceptions timely
				  submitted by the applicant. Based on that review, the Board shall issue a final
				  decision on the appeal.
4. Final
				  decisions rendered by the Board shall be appealable to the Superior Court,
				  Appellate Division, in accordance with the Rules Governing the Courts of the
				  State of New Jersey.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31Q - GROW NEW JERSEY ASSISTANCE PROGRAM › Subchapter 1 - GROW NEW JERSEY ASSISTANCE PROGRAM › Section 19:31Q-1.19 - Severability

Current through Register Vol. 56, No. 14, July 15, 2024
If any section, subsection, provision, clause, or portion
					 of this subchapter is adjudged to be 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 31R - ANGEL INVESTOR TAX CREDIT PROGRAM › Subchapter 1 - ANGEL INVESTOR TAX CREDIT PROGRAM › Section 19:31R-1.1 - Applicability and scope

Current through Register Vol. 56, No. 14, July 15, 2024
The rules in this subchapter are promulgated by the New
					 Jersey Economic Development Authority to implement the New Jersey Angel
					 Investor Tax Credit Act,
					 P.L.
					 2013, c. 14 (Act). The
					 Act authorizes credits against corporation business and gross income taxes for
					 qualified investments in New Jersey emerging technology businesses, in New
					 Jersey emerging technology holding companies, or in a qualified venture fund,
					 to spur job creation and growth in New Jersey's current and next generation of
					 high-skill, high-wage emerging technology industries.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31R - ANGEL INVESTOR TAX CREDIT PROGRAM › Subchapter 1 - ANGEL INVESTOR TAX CREDIT PROGRAM › Section 19:31R-1.4 - Application submission requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An investor
				  shall submit an application to the Authority; the Authority shall conduct a
				  review of the applications commencing with the completed application bearing
				  the earliest completion date.
(b) A
				  completed application shall include, but not be limited to, the following:
1. Investor information, which shall include
				  the following:
i. At the time of the
				  qualified investment:
(1) The name, address,
				  and Federal tax identification number or Social Security number, as
				  applicable;
(2) The total amount
				  of the qualified investment, including for qualified investments in a qualified
				  venture fund, the total amount of the irrevocable contractual commitment, and
				  amount of requested tax credit;
(3)
				  A description of the qualified investment;
(4) Evidence of qualified investment, including the executed
				  document demonstrating that the qualified investment was made, as required in
				  N.J.A.C. 19:31R-1.3(d);
(5) A list
				  of all officers, directors, owners, and/or trustees;
(6) A list of 100 percent of ownership of
				  the investor by percentage or if a publicly traded company, the 10 percent or
				  greater officers, directors, or owners; and
(7) The Federal tax identification number or Social Security
				  number as applicable, for all owners of the investor; and
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31R - ANGEL INVESTOR TAX CREDIT PROGRAM › Subchapter 1 - ANGEL INVESTOR TAX CREDIT PROGRAM › Section 19:31R-1.5 - Fees

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A non-refundable application fee of $
				  500.00 shall accompany every application for tax credits for qualified
				  investments of $ 50,000 or less.
(b) A non-refundable application fee of $
				  2,500 shall accompany every application for tax credits for qualified
				  investments of more than $ 50,000.
(c) A fee of five percent of the approved tax
				  credit amount for qualified investments of more than $ 500,000, shall be paid
				  to the Authority upon the approval of the tax credit. The application fee of $
				  2,500 required under (a) above, shall be applied toward the approval
				  fee.
(d) A non-refundable fee of $
				  150.00 shall be paid to the Authority for each request for reissuance of a tax
				  certificate previously issued pursuant to N.J.A.C. 19:31R-1.6.
(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 31R - ANGEL INVESTOR TAX CREDIT PROGRAM › Subchapter 1 - ANGEL INVESTOR TAX CREDIT PROGRAM › Section 19:31R-1.6 - Tax credit amount; overpayment and carryforward of tax credits

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A
				  taxpayer, upon eligibility review and approval of the investor's application by
				  the Authority, in consultation with the Director, and upon issuance of a tax
				  credit certificate by the Division of Taxation, shall be allowed a credit
				  against the tax imposed under the Corporation Business Tax, section 5 at P.L.
				  1945, c. 162 (N.J.S.A. 54:10A-5) or New Jersey
				  Gross Income Tax Act,
				  N.J.S.A.
				  54A:1-1 et seq., in an amount equal to 20
				  percent of the qualified investment made by the investor in a New Jersey
				  emerging technology business, in a New Jersey emerging technology business
				  holding company that makes a verified transfer of funds to a New Jersey
				  emerging technology business, or in a qualified venture fund. The Authority, in
				  consultation with the Director, shall increase the amount of a tax credit
				  allowed pursuant to the section by five percent if:
1. The taxpayer makes a qualified investment in a New Jersey
				  emerging technology business or in a New Jersey emerging technology holding
				  company that makes a verified transfer of funds to a New Jersey emerging
				  technology business if the New Jersey emerging technology business is:
i. Either located in a qualified opportunity
				  zone pursuant to 26 U.S.C. § 1400Z-1, or a low-income community as defined
				  at 26 U.S.C. § 45D; or
ii.
				  Certified by the State as a minority-owned business or a women-owned business
				  pursuant to P.L. 1986, c. 195 (N.J.S.A. 52:27H-21.17
				  et seq.); or
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31R - ANGEL INVESTOR TAX CREDIT PROGRAM › Subchapter 1 - ANGEL INVESTOR TAX CREDIT PROGRAM › Section 19:31R-1.8 - Cap on total credits

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The amount of
				  credits approved by the Authority, in consultation with the Director, pursuant
				  to P.L.
				  2013, c. 14
				  (N.J.S.A. 54A:4-13), shall not
				  exceed a cumulative total of $ 35 million in any calendar year to apply against
				  the tax imposed pursuant to section 5 at P.L. 1945, c. 162 (N.J.S.A.
				  54:10A-5) and the tax imposed pursuant to the
				  New Jersey Gross Income Tax Act,
				  N.J.S.A.
				  54A:1-1 et seq.
(b) If the cumulative amount of credits
				  allowed to taxpayers in a calendar year exceeds the amount of credits available
				  in that year, pursuant to (a) above, then any complete applications for which
				  no tax credits have been allowed for that reason may be approved by the
				  Authority and allowed, in the order in which their applications were completed,
				  the amount of the tax credit on the first day of the next succeeding calendar
				  year in which tax credits are not in excess of the amount of credits
				  available.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31S - OFFSHORE WIND ECONOMIC DEVELOPMENT TAX CREDIT PROGRAM › Subchapter 1 - OFFSHORE WIND ECONOMIC DEVELOPMENT TAX CREDIT PROGRAM › Section 19:31S-1.1 - Applicability and scope

Current through Register Vol. 56, No. 14, July 15, 2024
This chapter is promulgated by the New Jersey Economic
					 Development Authority (the Authority) to implement section 6 of the Offshore
					 Wind Economic Development Act,
					 P.L.
					 2010, c. 57, as amended
					 (the Act), which authorizes the Authority to approve up to $ 350 million, based
					 on the amount of uncommitted tax credits under the New Jersey Aspire Program
					 and the Emerge Program pursuant to
					 N.J.S.A.
					 34:1B-362(b)(1)(f) and (h),
					 in tax credits for the development of qualified wind energy facilities in the
					 State.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31S - OFFSHORE WIND ECONOMIC DEVELOPMENT TAX CREDIT PROGRAM › Subchapter 1 - OFFSHORE WIND ECONOMIC DEVELOPMENT TAX CREDIT PROGRAM › Section 19:31S-1.3 - Eligibility criteria

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In
				  order to be eligible for an offshore wind economic development tax credit for a
				  qualified wind energy facility:
1. If the
				  business is other than a tenant, the business shall:
i. Make or acquire capital investments in a
				  qualified wind energy facility totaling not less than $ 50,000,000. A business
				  that acquires a qualified wind energy facility after August 19, 2010, the
				  effective date of the Act, shall also be deemed to have acquired the capital
				  investment made or acquired by the seller, subject to the disqualifications at
				  N.J.A.C. 19:31S-1.13. The capital investments of the owner shall include
				  capital investments made by a tenant and may include any tenant allowance
				  provided by the owner in the lease and any tenant improvements funded by a
				  tenant(s), but only to the extent necessary to meet the owner's minimum capital
				  investment of $ 50,000,000 provided that the owner so indicates in the owner's
				  application or certification and further provided that such tenant allowance or
				  tenant improvements meet the definition of capital investment;
ii. Employ, in the aggregate, with tenants at
				  the qualified wind energy facility, the minimum number of new full-time
				  employees at the qualified wind energy facility or through an equipment supply
				  coordination agreement, except that any business with the prorated annual
				  minimum number of new full-time employees will be eligible for a prorated
				  award; and
iii. Demonstrate to the
				  Authority that the State's financial support of the proposed capital investment
				  will yield a net positive economic benefit in the amount required at (c) below;
				  and
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31S - OFFSHORE WIND ECONOMIC DEVELOPMENT TAX CREDIT PROGRAM › Subchapter 1 - OFFSHORE WIND ECONOMIC DEVELOPMENT TAX CREDIT PROGRAM › Section 19:31S-1.4 - Restrictions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A business
				  shall not be awarded offshore wind economic development tax credits if:
1. The business participates in a Business
				  Employment Incentive Program grant pursuant to
				  P.L.
				  1996, c. 26
				  (N.J.S.A.
				  34:1B-124 et seq.) relating to the same
				  capital and employees that qualify the business for the Program; or
2. The business receives assistance pursuant
				  to the "Business Retention and Relocation Assistance Act,"
				  P.L.
				  1996, c. 25
				  (N.J.S.A.
				  34:1B-112 et seq.).
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31S - OFFSHORE WIND ECONOMIC DEVELOPMENT TAX CREDIT PROGRAM › Subchapter 1 - OFFSHORE WIND ECONOMIC DEVELOPMENT TAX CREDIT PROGRAM › Section 19:31S-1.5 - Application submission requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Each application to the Authority made by
				  a business that is an owner or tenant shall include the following information
				  in an application format prescribed by the Authority:
1. Business information, including
				  information on all affiliates contributing either full-time employees or
				  capital investment or both to the project, shall include the following:
i. The name of the business;
ii. The contact information of the
				  business;
iii. Prospective future
				  address of the business (if different);
iv. The type of the business;
v. Principal products and services and
				  three-digit North American Industry Classification System number;
vi. The New Jersey tax identification
				  number;
vii. The Federal tax
				  identification number;
viii. The
				  total number of employees in New Jersey at the time of application and in the
				  last tax period prior to the application;
ix. The total list of New Jersey
				  operations;
x. A written
				  certification by the chief executive officer, or equivalent officer for North
				  American operations, stating that the business applying for the 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. Disclosure of legal matters in accordance
				  with the Authority debarment and disqualification rules at N.J.A.C.
				  19:30-2;
xii. Submission of a tax
				  clearance certificate, pursuant to
				  P.L.
				  2007, c. 101;
xiii. A list of all the development
				  subsidies, as defined at
				  P.L.
				  2007, c. 200, that the
				  applicant is requesting or receiving, the name of the granting body, the value
				  of each development subsidy, and the aggregate value of all development
				  subsidies requested or received. Examples of development subsidizes are tax
				  benefits from programs authorized pursuant to
				  P.L.
				  2004, c. 65,
				  P.L.
				  1996, c. 26, and
				  P.L.
				  2002, c. 43;
				  and
xiv. 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 31S - OFFSHORE WIND ECONOMIC DEVELOPMENT TAX CREDIT PROGRAM › Subchapter 1 - OFFSHORE WIND ECONOMIC DEVELOPMENT TAX CREDIT PROGRAM › Section 19:31S-1.6 - Application and servicing fees

Current through Register Vol. 56, No. 14, July 15, 2024
(a)
				  A business applying for benefits under the Program shall submit a one-time
				  non-refundable application fee. The application fee shall be, as follows:
1. For projects with a total of 150 to 299
				  new full-time employees listed in the application, the fee to be charged at
				  application shall be $ 10,000; and
2. For projects with a total of 300 or more
				  new employees listed in the application, the fee to be charged at application
				  shall be $ 15,000.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31S - OFFSHORE WIND ECONOMIC DEVELOPMENT TAX CREDIT PROGRAM › Subchapter 1 - OFFSHORE WIND ECONOMIC DEVELOPMENT TAX CREDIT PROGRAM › Section 19:31S-1.7 - Review of allocation and certification of project completion

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A business
				  seeking an approval of tax credits for a qualified wind energy facility must
				  apply for tax credits by July 1, 2025, and a business shall submit its
				  documentation for approval of its credit amount by July 1, 2028.
(b) The Authority shall conduct a review of
				  the applications commencing with the application bearing the earliest date a
				  completed application is submitted or if interest in the Program so warrants,
				  at its discretion and upon notice, institute a competitive application process
				  whereby all applications submitted by a date certain will be evaluated as if
				  submitted on that 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 review will 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 31S - OFFSHORE WIND ECONOMIC DEVELOPMENT TAX CREDIT PROGRAM › Subchapter 1 - OFFSHORE WIND ECONOMIC DEVELOPMENT TAX CREDIT PROGRAM › Section 19:31S-1.8 - Reserved

Current through Register Vol. 56, No. 14, July 15, 2024
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31S - OFFSHORE WIND ECONOMIC DEVELOPMENT TAX CREDIT PROGRAM › Subchapter 1 - OFFSHORE WIND ECONOMIC DEVELOPMENT TAX CREDIT PROGRAM › Section 19:31S-1.9 - Tax credit amount; application and allocation of the tax credit

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The amount of
				  the credit awarded pursuant to the Program for projects creating 300 or more
				  new full-time employees during the eligibility period shall, except as
				  otherwise provided, be equal to the capital investment previously approved by
				  the Board and made by the business, or the capital investment represented by
				  the business' leased area, or area owned by the business as a condominium,
				  except as may be limited by the net positive economic benefits test and shall
				  be taken over the eligibility period, at the rate of one-fifth of the total
				  amount of the business' credit for each tax accounting or privilege period of
				  the business, beginning with the tax period in which the business is first
				  approved by the Authority as having met the investment capital, employment, and
				  any other eligibility requirements, subject to any reduction or
				  disqualification provided at
				  P.L.
				  2018, c. 17 and this
				  subchapter, as determined by annual review by the Authority. The amount of the
				  credit allowed pursuant to the Program for projects creating less than 300 new
				  full-time employees, but at least 150 new full-time employees during the
				  eligibility period shall be set, as follows:
1. Fifty percent of the capital investment
				  for projects creating 150 new full-time employees and less than 200 new
				  full-time employees. For projects receiving this prorated award, the prorated
				  minimum number of new full-time employees shall be 150 new full-time
				  employees.
2. Sixty five percent of
				  the capital investment for projects creating 200 new full-time employees and
				  less than 250 new full-time employees. For projects receiving this prorated
				  award, the prorated minimum number of new full-time employees shall be 200 new
				  full-time employees.
3. Eighty five
				  percent of the capital investment for projects creating 250 new full-time
				  employees and less than 300 new full-time employees. For projects receiving
				  this prorated award, the prorated minimum number of new full-time employees
				  shall be 250 new full-time employees.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31S - OFFSHORE WIND ECONOMIC DEVELOPMENT TAX CREDIT PROGRAM › Subchapter 1 - OFFSHORE WIND ECONOMIC DEVELOPMENT TAX CREDIT PROGRAM › Section 19:31S-1.11 - Cap on total credits

Current through Register Vol. 56, No. 14, July 15, 2024
The value of all credits approved by the Authority may be
					 up to $ 100,000,000, except as may be increased by the Authority as set forth
					 in this section. The Authority shall monitor application and allocation
					 activity under the Program. If the Chief Executive Officer of the Authority
					 judges certain qualified offshore wind projects to be meritorious, the cap may,
					 in the discretion of the Authority, be exceeded for allocation to qualified
					 wind energy facilities in such amounts as the Authority deems reasonable,
					 justified, and appropriate.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31S - OFFSHORE WIND ECONOMIC DEVELOPMENT TAX CREDIT PROGRAM › Subchapter 1 - OFFSHORE WIND ECONOMIC DEVELOPMENT TAX CREDIT PROGRAM › Section 19:31S-1.13 - Effect of sale or lease of qualified facilities

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The tax credit amount shall be forfeited
				  in the event of sale of the qualified wind energy facility or lease or sublease
				  of the business's tenancy as follows:
1. If
				  the qualified wind energy facility is sold in whole or in part during the
				  eligibility period, the new owner shall not acquire the capital investment of
				  the seller and the seller shall forfeit all credits for the tax period in which
				  the sale occurs and all subsequent tax periods, except that any credits of
				  tenants shall remain unaffected. The new owner may not apply for tax credits
				  based upon the seller's capital investment. If the business merges with or
				  consolidates with another entity, the resulting or transferee entity shall not
				  be considered the new owner.
2. If
				  a tenant leases or subleases its tenancy in whole or in part during the
				  eligibility period, the lessee or sublessee shall not acquire the credit of the
				  lessor or sublessor, and the lessor or sublessor tenant shall forfeit all
				  credits for the tax period of its lease or sublease and all subsequent tax
				  periods, except that if the lessor or sublessor tenant retains sufficient
				  capital investment and employment to remain eligible for the Program, the
				  forfeiture shall affect only the credits attributable to the leased or
				  subleased portion of the facility. For the purposes of calculating the total
				  annual lease payments of the business, the lease payments of the lessee or
				  sublessee shall be subtracted. Notwithstanding the foregoing, a business may
				  lease or sublease a portion of its qualified business facility to any other new
				  tenant without forfeiting any of the business's credits, but shall not include
				  the new tenant's full-time employees and capital investment in the business's
				  eligible full-time employees or capital investment if:
i. The leasee or subleasee is a party to any
				  equipment supply coordination agreement;
ii. The aggregate amount leased or subleased
				  to any other tenant comprises five percent or less of the qualified wind energy
				  facility; or
iii. The business
				  leases or subleases to a tenant that primarily uses the leased or subleased
				  premises to support the development and operation of a qualified offshore wind
				  project.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31S - OFFSHORE WIND ECONOMIC DEVELOPMENT TAX CREDIT PROGRAM › Subchapter 1 - OFFSHORE WIND ECONOMIC DEVELOPMENT TAX CREDIT PROGRAM › Section 19:31S-1.15 - Appeals

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Board's
				  action shall be effective 10 business days after the Governor's receipt of the
				  minutes, provided neither an early approval nor veto has been issued.
(b) An applicant may appeal the Board's
				  action by submitting in writing to the Authority, within 20 calendar days from
				  the effective 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,
				  N.J.S.A.
				  52:14B-1 et seq., and 52:14F-1 et seq., and
				  the Uniform Administrative Procedure Rules, N.J.A.C. 1:1.
(c) Appeals that are timely submitted shall
				  be handled by the Authority as follows:
1.
				  The Chief Executive Officer of the Authority 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. The Authority
				  may consider new evidence or information that would demonstrate that the
				  applicant meets all of the application criteria.
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 or her finding(s) and
				  recommendation(s) on the merits of the appeal. The hearing officer's report
				  shall be advisory in nature. The Chief Executive Officer, or equivalent
				  officer, of the Authority may also include a recommendation to the written
				  report of the hearing officer. The applicant shall receive a copy of the
				  written report of the hearing officer, which shall include the recommendation
				  of the Chief Executive Officer, if any, and shall have the opportunity to file
				  written comments and exceptions to the hearing officer's report within five
				  business days from receipt of such report.
3. The Board shall consider the hearing
				  officer's report, the recommendation of the Chief Executive Officer, or
				  equivalent officer, if any, and any written comments and exceptions timely
				  submitted by the applicant. Based on that review, the Board shall issue a final
				  decision on the appeal.
4. Final
				  decisions rendered by the Board shall be appealable to the Superior Court,
				  Appellate Division, in accordance with the Rules Governing the Courts of the
				  State of New Jersey.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31S - OFFSHORE WIND ECONOMIC DEVELOPMENT TAX CREDIT PROGRAM › Subchapter 1 - OFFSHORE WIND ECONOMIC DEVELOPMENT TAX CREDIT PROGRAM › Section 19:31S-1.16 - Severability

Current through Register Vol. 56, No. 14, July 15, 2024
If any section, subsection, provision, clause, or portion
					 of this subchapter is adjudged to be 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 31T - GARDEN STATE FILM AND DIGITAL MEDIA JOBS PROGRAM › Subchapter 1 - GARDEN STATE FILM AND DIGITAL MEDIA JOBS PROGRAM › Section 19:31T-1.1 - Applicability and scope

Current through Register Vol. 56, No. 14, July 15, 2024
The rules in this subchapter are promulgated by the New
					 Jersey Economic Development Authority in consultation with the New Jersey
					 Motion Picture and Television Development Commission and the New Jersey
					 Division of Taxation to implement the Garden State Film and Digital Media Jobs
					 Act, P.L.
					 2018, c. 56, as amended
					 at P.L.
					 2019, c. 506;
					 P.L.
					 2020, c. 156;
					 P.L.
					 2021, c. 160;
					 P.L.
					 2021, c. 367; and
					 P.L.
					 2023, c.
					 97.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31T - GARDEN STATE FILM AND DIGITAL MEDIA JOBS PROGRAM › Subchapter 1 - GARDEN STATE FILM AND DIGITAL MEDIA JOBS PROGRAM › Section 19:31T-1.3 - Eligibility criteria

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An
				  applicant shall be eligible for the program for film tax credits if the
				  Authority finds that:
1. The applicant will
				  incur after July 1, 2018:
i. At least 60
				  percent of the total film production expenses, exclusive of post-production
				  costs, for services performed, and goods purchased, through vendors authorized
				  to do business in New Jersey, including wages and salaries; or
ii. The qualified film production expenses of
				  the applicant during at least one privilege period or taxable year for services
				  performed, and goods purchased, through vendors authorized to do business in
				  New Jersey, including wages and salaries, exceed $ 1,000,000 per
				  production;
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31T - GARDEN STATE FILM AND DIGITAL MEDIA JOBS PROGRAM › Subchapter 1 - GARDEN STATE FILM AND DIGITAL MEDIA JOBS PROGRAM › Section 19:31T-1.5 - Fees

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A
				  non-refundable fee shall accompany every application, as follows:
1. For applications with total qualified film
				  production expenses or digital media production expenses of $ 1,000,000 or
				  less, the fee to be charged at application shall be $ 100.00;
2. For applications with total qualified film
				  production expenses or digital media production expenses of $ 1,000,000, but
				  less than $ 6,000,000, the fee to be charged at application shall be $
				  250.00;
3. For applications with
				  total qualified film production expenses or digital media production expenses
				  of $ 6,000,000, but less than $ 15,000,000, the fee to be charged at
				  application shall be $ 2,000;
4.
				  For applications with total qualified film production expenses or digital media
				  production expenses of $ 15,000,000, but less than $ 30,000,000, the fee to be
				  charged at application shall be $ 5,000;
5. For applications with total qualified film
				  production expenses or digital media production expenses of $ 30,000,000 or
				  more, the fee to be charged at application shall be $ 10,000;
6. For applications to be designated as a
				  studio partner, the fee to be charged at application shall be $ 10,000;
				  and
7. For applications to be
				  designated as a film-lease partner facility, the fee to be charged at
				  application shall be $ 5,000.