New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31D - ECONOMIC REDEVELOPMENT AND GROWTH PROGRAM › Subchapter 1 - ECONOMIC REDEVELOPMENT AND GROWTH PROGRAM › Section 19:31D-1.10 - Incremental revenue sources

Current through Register Vol. 56, No. 14, July 15, 2024
(a)
				  Except for projects receiving an increase in the amount of reimbursement
				  pursuant to N.J.A.C. 19:31D-1.7(b)4, in accordance with a State redevelopment
				  incentive grant agreement beginning upon the receipt of occupancy permits for
				  any portion of the redevelopment project or upon such other event evidencing
				  project completion as set forth in the incentive grant agreement, the State
				  Treasurer will pay to the developer up to an average of 75 percent of the
				  projected annual incremental revenues, or an average of 85 percent of the
				  projected annual incremental revenues in a Garden State Growth Zone, directly
				  realized from businesses operating on or at the site of the redevelopment
				  project from the following taxes:
1. The
				  Corporation Business Tax Act (1945), P.L. 1945, c. 162 (54:10A-1 et
				  seq.);
2. The tax imposed on marine
				  insurance companies pursuant to 54:16-1 et seq.;
3. The tax imposed on insurers generally,
				  pursuant to P.L. 1945, c. 132 (54:18A-1 et seq.);
4. The public utility franchise tax, public
				  utilities gross receipts tax and public utility excise tax imposed on sewerage
				  and water corporations pursuant to P.L. 1940, c. 5 (54:30A-49 et
				  seq.);
5. The tariffs and charges
				  imposed by electric, natural gas, telecommunications, water and sewage
				  utilities, and cable television companies under the jurisdiction of the New
				  Jersey Board of Public Utilities, or comparable entity, except for those
				  tariffs, fees, or taxes related to societal benefits charges assessed pursuant
				  to section 12 of
				  P.L.
				  1999, c. 23
				  (
48:3-60
), any charges paid for compliance with the Global
				  Warming Response Act,
				  P.L.
				  2007, c. 112
				  (
26:2C-37
et seq.), transitional energy facility assessment
				  unit taxes paid pursuant to
				  section
				  67 of
				  P.L.
				  1997, c. 162
				  (
48:2-21.3 4
), and the sales and use taxes on public utility
				  and cable television services and commodities;
6. The tax derived from net profits from
				  business, a distributive share of partnership income, or a pro rata share of S
				  corporation income under the New Jersey Gross Income Tax Act, 54A:1-1 et
				  seq.;
7. The tax derived from a
				  business at the site of a redevelopment project that is required to collect the
				  tax pursuant to the Sales and Use Tax Act, P.L. 1966, c. 30 (54:32B-1 et seq.);
8. The tax imposed pursuant to
				  P.L. 1966, c. 30 (
54:32B-1
et seq.) from the purchase of
				  furniture, fixtures, and equipment, or materials for the remediation of, or the
				  construction of new structures at the site of a redevelopment project. For the
				  purpose of computing the sales and use tax on the purchase of materials used
				  for remediation, construction of new structures, or the construction of new
				  residences at the site of the project, it shall be presumed by the Director of
				  the Division of Taxation, in lieu of an exact accounting from the developer,
				  suppliers, contractors, subcontractors, and other parties connected with the
				  project, that the tax equals one percent of the developer's contract price for
				  such remediation or construction or such other percentage, not to exceed three
				  percent, that may be agreed to by the director upon the presentation of clear
				  and convincing evidence that the tax on materials is greater than one percent
				  of the contract price for the remediation or construction;
9. The hotel and motel occupancy fee imposed
				  pursuant to
				  section
				  1 of
				  P.L.
				  2003, c. 114 (54:32D-1
				  ); or
10. The portion of the fee
				  imposed pursuant to section 3 of P.L. 1968, c. 49 (46:15-7 ) derived from the
				  sale of real property at the site of the redevelopment project and paid to the
				  State Treasurer for use by the State, that is not credited to the "Shore
				  Protection Fund" or the "Neighborhood Preservation Nonlapsing Revolving Fund"
				  ("New Jersey Affordable Housing Trust Fund") pursuant to section 4 of P.L.
				  1968, c. 49 (46:15-8 ).