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-1.14 - Annual review reporting requirements; letter of compliance

Current through Register Vol. 56, No. 14, July 15, 2024
(a) After
				  notification pursuant to N.J.A.C. 19:31S-1.7(g), the business shall furnish to
				  the Authority an annual review report in a format as may be determined by the
				  Authority, which shall contain the following information:
1. A certification, which shall be made
				  pursuant to an agreed upon procedures letter acceptable to the Authority, of a
				  qualified independent certified public accountant, which shall be qualified by
				  the Authority pursuant to N.J.A.C. 19:31S-1.7(f)4. The certification shall
				  state the number of full-time employees and new full-time employees employed at
				  the qualified wind energy facility or through an equipment supply coordination
				  agreement, a copy of all equipment supply coordination agreements through which
				  the business is meeting employment requirements under the Program, the salary
				  of all new full-time employees, the number in the business's Statewide
				  employment, total lease payments, the list of affiliates that contributed to
				  the full-time employees at the qualified wind energy facility, 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, 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. To include a new full-time
				  employee employed through an equipment supply coordination agreement, the
				  business shall submit a certification from the company that is the other party
				  to the equipment supply coordination agreement stating that its employees may
				  be included by the business to meet the requirements of the Program, the number
				  of new full-time employees employed through equipment supply coordination
				  agreement, the number of hours worked by such employees pursuant to the
				  equipment supply coordination agreement, and the salary of such employees. In
				  the event the number of new full-time employees at the qualified wind energy
				  facility or resulting from an equipment supply coordination agreement or
				  salaries of these jobs in the annual review report is reduced below 10 percent
				  or more of the number of new full-time employees or salaries in the annual
				  review report of the prior year or the certification pursuant to N.J.A.C.
				  19:31S-1.7(f) if the annual review report is the first, the Authority may
				  reevaluate the net positive economic benefit and reduce the size of the award
				  accordingly. If, in a tax period subsequent to a reduction in the size of the
				  grant the business increases the number of new full-time employees at the
				  qualified wind energy facility or resulting from an equipment supply
				  coordination agreement or salaries of these jobs in the annual review report
				  above 10 percent or more of the number of new full-time employees or salaries
				  in the annual review report of the prior year, the Authority may reevaluate the
				  net positive economic benefit and increase the size of the award accordingly,
				  but in no event shall the amount of tax credit that the business may take in a
				  tax period be greater than one-fifth of the total tax credit amount approved by
				  the Authority. This reduction shall not affect any forfeiture pursuant to
				  N.J.A.C. 19:31S-1.12.
2. A
				  certification 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 letter,
				  P.L.
				  2007, c. 346, or this
				  subchapter.