New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 69L - TAXES › Subchapter 2 - INVESTMENT TAX CREDITS › Section 13:69L-2.2 - Deferral petitions: Determination of extreme financial hardship

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In
				accordance with the provisions of
				5:12-144.1(c), a
				contract between a casino licensee and the CRDA may provide for the deferral of
				the payment for and delivery of bonds otherwise required to be purchased by the
				licensee or for the deferral of the making of approved eligible investments
				otherwise required to be made by the licensee. A deferral of a casino
				licensee's obligation to purchase bonds or make other approved eligible
				investments may not be granted by the CRDA unless, among other things, the
				licensee obtains a determination from the Division that the purchase of the
				bonds or the making of the approved eligible investments would cause extreme
				financial hardship to the casino licensee.
(b) A casino licensee shall apply for a
				deferral pursuant to
				5:12-144.1(c)  by
				filing a petition with the CRDA in accordance with its rules and regulations.
				Copies of this petition and all application materials submitted to the CRDA by
				the licensee shall also be filed with the Division. The CRDA shall give notice
				of its receipt of a petition for deferral to the Division within three days of
				the date on which the licensee files the petition. The Division shall render a
				decision on whether the licensee has established extreme financial hardship
				within 60 days after notice of the petition has been received from the CRDA.
				Notwithstanding the foregoing, the Division shall not consider any request for
				a determination of extreme financial hardship unless the petitioning casino
				licensee demonstrates that the contract required by
				5:12-144.1(c) and
				(a) above has been executed.
(c) In order to obtain a determination of
				extreme financial hardship from the Division, a licensee shall be required to
				demonstrate by a preponderance of the evidence that the economic effect of
				purchasing the bonds or making the investments which are sought to be deferred
				would be to increase materially the risk that the licensee would be unable to
				maintain its qualification for a casino license under the financial stability
				criterion of
				5:12-84(a).
(d) In addition to supplying the Division
				with any documentation or information filed with the CRDA in support of its
				petition for deferral, it shall be the affirmative obligation of the casino
				licensee to produce or cooperate in the production of any other information,
				documentation or assurances relating to the assets, liabilities, resources and
				operating performance of the licensee, its holding and intermediary companies
				and any other related entity which is required to qualify or hold a casino
				license under the Act, necessary to establish its entitlement to a
				determination of extreme financial hardship. A casino licensee shall promptly
				provide any information or assistance requested by the Division within the time
				period specified. Failure to provide in a timely manner any such information or
				assistance to the Division may, in the discretion of the Division, result in
				the information being excluded from consideration and an adverse inference
				being drawn against the interests of the casino licensee.
(e) A determination of extreme financial
				hardship shall be decided on the basis of the information submitted by the
				casino licensee with its petition and any other information or documentation
				requested by the Division or previously obtained from the casino licensee
				unless the casino licensee requests in writing that a hearing be provided in
				accordance with the relevant provisions of N.J.A.C. 13:69B.