reglab/statecodes huggingface dataset:
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31H - URBAN TRANSIT HUB TAX CREDIT PROGRAM › Subchapter 1 - URBAN TRANSIT HUB TAX CREDIT PROGRAM › Section 19:31H-1.5 - Application submission requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Each
				  application to the Authority made by an owner, tenant or residential developer
				  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;
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.
				  12A:4-12;
xii. Submission of a tax
				  clearance certificate, pursuant to
				  P.L.
				  2007, c. 101;
xiii. A list of all the development
				  subsidies, as defined by
				  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 under
				  P.L.
				  2004, c. 65;
				  P.L.
				  1996, c. 26; and
				  P.L.
				  2002, c. 43;
xiv. In the event that the business is a
				  partnership and chooses to allocate the revenue realized from the sale of the
				  tax credits other than as a proportion of the owners' distributive share of
				  income or gain of the partnership, the business shall provide an agreement that
				  sets forth the allocation among the owners. This agreement will be submitted to
				  the Director of the Division of Taxation in the Department of Treasury by such
				  time and with such information as the Director may require; and
xv. 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 31H - URBAN TRANSIT HUB TAX CREDIT PROGRAM › Subchapter 1 - URBAN TRANSIT HUB TAX CREDIT PROGRAM › Section 19:31H-1.6 - Application and servicing fees

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A business
				  applying for benefits under this program shall submit the following one-time
				  non-refundable application fee, with payment in the form of a check, payable to
				  the "New Jersey Economic Development Authority":
1. If a business is an owner of the proposed
				  qualified business facility, the application fee is $ 5,000;
2. If a business is a tenant of the proposed
				  qualified business facility wherein the owner has not made application for the
				  approval of tax credits, the application fee is $ 5,000; or
3. If a business is a developer of the
				  proposed qualified business facility, the application fee of $
				  5,000.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31H - URBAN TRANSIT HUB TAX CREDIT PROGRAM › Subchapter 1 - URBAN TRANSIT HUB TAX CREDIT PROGRAM › Section 19:31H-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
				  may apply for tax credits for a qualified business facility that was commenced
				  after January 13, 2008, within five years after January 13, 2008, the effective
				  date of the Act. A residential developer may apply for tax credits for a
				  qualified residential facility that was commenced after July 28, 2009, by
				  December 21, 2012.
(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.
				  Adequately provides information for the subject
				  application.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31H - URBAN TRANSIT HUB TAX CREDIT PROGRAM › Subchapter 1 - URBAN TRANSIT HUB TAX CREDIT PROGRAM › Section 19:31H-1.8 - 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 eligibility
				  period;
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;
6. Reporting requirements
				  and 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 31H - URBAN TRANSIT HUB TAX CREDIT PROGRAM › Subchapter 1 - URBAN TRANSIT HUB TAX CREDIT PROGRAM › Section 19:31H-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 tax credit allowed shall be equal to the lesser of the amount which
				  satisfies the net benefit test pursuant to N.J.A.C. 19:31H-1.7(c), or either
				  the capital investment made by the business or the capital investment
				  represented by the business's leased area, or area owned by the business as a
				  condominium, subject to any reduction or disqualification provided in the Act
				  and this subchapter and, provided that in no event will the amount of tax
				  credits exceed the amount of tax credits previously approved by Board or, in
				  the case of a residential developer, the maximum percentage amount of allowed
				  tax credits approved by the Board for the business's capital investment in a
				  qualified residential project as follows:
1.
				  If the owner uses space in a qualified business facility, in order to determine
				  the amount of the owner's capital investment that will be attributed toward the
				  amount of its tax credit, the Authority shall multiply the owner's capital
				  investment by a fraction, the numerator of which is the net leaseable area of
				  the qualified business facility not leased to tenants and the denominator of
				  which is the total net leaseable area. For purposes of this calculation, unless
				  the business that owns or operates the residential space qualifies under
				  N.J.A.C. 19:31H-1.3, residential space leased or offered for lease or sale
				  shall not be included in the numerator.
2. In order to determine the amount of the
				  tenant's or condominium's capital investment that will be attributed toward the
				  amount of its tax credits, the Authority shall add the amount of capital
				  investment that results from the calculation in N.J.A.C. 19:31H-1.3(b) to any
				  tenant allowance provided by the owner in the lease and any tenant improvements
				  funded by a tenant, provided that the owner has not included such tenant
				  allowance or tenant improvements in its calculation of capital investment and
				  further provided that such tenant allowance or tenant improvements meet the
				  definition of capital investment.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31H - URBAN TRANSIT HUB TAX CREDIT PROGRAM › Subchapter 1 - URBAN TRANSIT HUB TAX CREDIT PROGRAM › Section 19:31H-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 shall
					 not exceed $ 1,500,000,000 of which the Authority may approve up to $
					 150,000,000 in credits in the aggregate for residential developers making
					 capital investments in qualified residential projects, provided that for each
					 qualified residential facility, the residential developer shall be allowed tax
					 credits of no more than 35 percent of its capital investment. Based on
					 application and allocation activity and if sufficient credits are available,
					 the Authority may direct that the $ 150,000,000 cap be exceeded for allocation
					 to qualified residential projects, as is deemed reasonable, justified and
					 appropriate.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31H - URBAN TRANSIT HUB TAX CREDIT PROGRAM › Subchapter 1 - URBAN TRANSIT HUB TAX CREDIT PROGRAM › Section 19:31H-1.12 - Reduction and forfeiture of tax credits

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Unless
				  excepted pursuant to (a)2 below, the amount of the annual credit otherwise
				  available shall be reduced by 20 percent for that tax period if:
1. Fewer than 200 full-time employees at the
				  qualified business facility or, if the applicant is a tenant and has qualified
				  pursuant to N.J.A.C. 19:31H-1.3(a)2iii, fewer than 200 full-time employees in
				  the aggregate are employed in new full-time positions in any tax period.
i. This reduction will remain for each
				  subsequent tax period until the first period for which documentation
				  demonstrating the restoration of the 200 full-time employees employed in new
				  full-time positions at the qualified business facility has been reviewed and
				  approved by the Authority.
ii. Once
				  documentation restoring the 200 full-time employees employed in new full-time
				  positions has been approved, for the current tax period and each subsequent tax
				  period the full amount of the annual credit shall be
				  allowed.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31H - URBAN TRANSIT HUB TAX CREDIT PROGRAM › Subchapter 1 - URBAN TRANSIT HUB TAX CREDIT PROGRAM › Section 19:31H-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 business
				  facility or sublease of the business's tenancy as follows:
1. If the qualified business facility is sold
				  in whole or in part during the 10-year 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 subleases its tenancy in whole
				  or in part during the 10-year eligibility period, the sublessee shall not
				  acquire the credit of the sublessor, and the sublessor tenant shall forfeit all
				  credits for the tax period of its sublease and all subsequent tax periods,
				  except that if the sublessor tenant retains sufficient capital investment and
				  employment to remain eligible for the program, the forfeiture shall affect only
				  the credits attributable to the subleased portion of the facility. For the
				  purposes of calculating the total annual lease payments of the business, the
				  lease payments of the sublessee shall be subtracted.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31H - URBAN TRANSIT HUB TAX CREDIT PROGRAM › Subchapter 1 - URBAN TRANSIT HUB TAX CREDIT PROGRAM › Section 19:31H-1.14 - Reporting requirements; letter of compliance

Current through Register Vol. 56, No. 14, July 15, 2024
(a) After
				  notification pursuant to N.J.A.C. 19:31H-1.7(h):
1. In the case of a qualified business
				  facility, the business shall furnish to the Authority an annual report
				  certified by a certified public accountant in a format as may be determined by
				  the Authority which shall contain the following information:
i. The number of full-time employees and new
				  full-time positions employed at the qualified business facility, the number
				  pertaining to the business's Statewide employment, 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
				  certified report is due 120 days after the end of the business's tax privilege
				  period; and failure to submit the certified report within 120 days will result
				  in forfeiture of the tax credit for that privilege period; and
ii. A certification indicating whether or not
				  the business is aware of any condition, event, or act which would cause the
				  business not to be in compliance with the approval, the Act or this subchapter;
				  and
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31H - URBAN TRANSIT HUB TAX CREDIT PROGRAM › Subchapter 1 - URBAN TRANSIT HUB TAX CREDIT PROGRAM › Section 19:31H-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 31I - BUSINESS EMPLOYMENT INCENTIVE PROGRAM › Subchapter 1 - BUSINESS EMPLOYMENT INCENTIVE PROGRAM › Section 19:31I-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. 26, as amended
					 at P.L.
					 2003, c. 166. The act
					 establishes the Business Employment Incentive Program, a special business
					 assistance program to provide grants to businesses located in, or relocating
					 to, New Jersey that create new jobs in New Jersey.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31I - BUSINESS EMPLOYMENT INCENTIVE PROGRAM › Subchapter 1 - BUSINESS EMPLOYMENT INCENTIVE PROGRAM › Section 19:31I-1.3 - Eligibility

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A business
				  may apply to the Authority for a grant if the Authority finds that:
1. The project proposed by the business shall
				  result in a net increase in new employment at the project during the term of
				  the agreement, and the business shall:
i.
				  Create at least 25 eligible positions in the base years; or
ii. Create at least 10 eligible positions in
				  the base years if the business is a targeted industry;
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31I - BUSINESS EMPLOYMENT INCENTIVE PROGRAM › Subchapter 1 - BUSINESS EMPLOYMENT INCENTIVE PROGRAM › Section 19:31I-1.4 - Amount/term of grant

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The amount
				  of the business employment incentive grant in each case shall be not less than
				  10 percent and not more than 50 percent of the withholdings of the eligible
				  positions for new employees or not less than 10 percent and not more than 30
				  percent of the estimated tax of a partner of an eligible partnership whether
				  paid directly by the partner or by the eligible partnership on behalf of such
				  partner's account, or any combination thereof. In no case shall the aggregate
				  amount of the employment incentive grant awarded pursuant to a business
				  employment incentive agreement entered into on or after July 1, 2003 exceed an
				  average of $ 50,000 per new employee for all new employees over the term of the
				  grant. The average for all new employees over the term of the grant shall be
				  determined based on annual reports submitted by the applicant, certifying the
				  number of new employees.
1. The Authority
				  will review the certified reports annually to determine whether the applicant
				  has reached or exceeded the $ 50,000 per new employee limit. To the extent that
				  the applicant has received grant funds in excess of $ 50,000 per new employee,
				  the Authority will reduce the grant proportionally.
EXAMPLE: Company A receives a grant in the aggregate amount
					 of $ 1,500,000 for calendar years 1 through 5. The Company certifies that it
					 has 2,000 full-time new employees as of December 31 of Year 5. In Year 6,
					 Company A reduces its workforce, such that it has only 25 full-time new
					 employees as of December 31 of that year. Subsequently, in Year 7, Company A
					 hires new employees and certifies that, as of December 31 of Year 7, it has
					 1,000 employees.
Based on these facts, in Year 5 of the grant term, the
					 Authority concludes that Company A's aggregate grant amount does not exceed the
					 $ 50,000 per new employee limitation, because the aggregate annual amount for
					 each new employee equals $ 750.00 ($ 1,500,000/2,000 = $ 750.00). However, in
					 Year 6 of the term, the Authority concludes that the company is not eligible
					 for the grant, because the company's per new employee average exceeds the
					 maximum $ 50,000 in that year ($ 1,500,000/25 = $ 60,000). In Year 7, the
					 Authority concludes that Company A is again eligible for a grant, because the
					 per employee amount does not exceed $ 50,000 ($ 1,500,000/1,000 = $
					 1,500).
The failure of Company A to qualify for a grant in Year 6
					 will not extend the term of the grant.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31I - BUSINESS EMPLOYMENT INCENTIVE PROGRAM › Subchapter 1 - BUSINESS EMPLOYMENT INCENTIVE PROGRAM › Section 19:31I-1.5 - Business expansion or relocation

Current through Register Vol. 56, No. 14, July 15, 2024
(a) For
				  businesses that are locating in the State from outside New Jersey, only new
				  employees in eligible positions created in the base years and thereafter may be
				  considered for grant purposes.
1. Upon
				  Authority Board approval, the business's payroll/number of employees shall be
				  registered, including the number of existing employees in New Jersey. Upon
				  occupancy of the project, the business shall have until the end of the base
				  years to achieve the number of employees as represented at application. Only
				  those new employees in eligible positions shall be considered when determining
				  a grant.
2. The business may
				  receive a grant for the new employees in eligible positions represented at
				  application and any additional new employees in eligible positions that are
				  created during the base years and thereafter.
3. Grant payments shall be issued by the
				  Authority subject to annual appropriation from the General Fund to the
				  Authority or upon issuance of a bond, the proceeds of which are intended for
				  grant payments beginning the next calendar year following achievement of the
				  employment conditions and other conditions set forth in the Agreement and
				  annually thereafter only if the State Treasurer has certified that the amount
				  of withholdings received in the previous year by the Division from the business
				  equals or exceeds in the amount of the grant.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31I - BUSINESS EMPLOYMENT INCENTIVE PROGRAM › Subchapter 1 - BUSINESS EMPLOYMENT INCENTIVE PROGRAM › Section 19:31I-1.6 - Grant conditions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The business
				  shall maintain the project, the required minimum number of eligible positions
				  in New Jersey and at least 80 percent of the Base Employment Number for the
				  commitment duration. Businesses which are tenants applying individually to the
				  program may be restricted by the term of their lease.
(b) The Authority shall apply any job
				  creation above the new employment commitment at the project against any losses
				  in the base employment number when determining whether a business has fallen
				  below 80 percent of the base employment number.
(c) By March 1st of the year after the grant
				  year in which the business commences the grant term, the business shall submit
				  an annual payroll report containing one section for new employees in eligible
				  positions whose income is not subject to the New Jersey gross income tax
				  pursuant to
				  N.J.S.A.
				  54A:1-1 et seq., and one section for all
				  other new employees in eligible positions and indicating the following
				  information for the business and the project for the grant year in which the
				  business commenced the grant term:
1. The
				  total amount of withholdings during the grant year for each new employee in an
				  eligible position;
2. The eligible
				  positions which were created during the preceding grant year;
3. The names of each new employee in an
				  eligible position;
4. The date of
				  hire of each new employee in an eligible position;
5. The actual salary of each new employee in
				  an eligible position, or if the new employee is a partner of an eligible
				  partnership, the amount of estimated taxes paid by the partner;
6. The amount of withholdings of each new
				  employee in an eligible position;
7. The termination date, if applicable, of
				  each new employee in an eligible position;
8. The social security numbers of each new
				  employee in an eligible position;
9. A certification stating that no new
				  employees are related persons of the owners of the business; and
10. A certification identifying the eligible
				  positions that have been filled by persons who are rehired from a bona fide
				  layoff or transferred from another company.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31I - BUSINESS EMPLOYMENT INCENTIVE PROGRAM › Subchapter 1 - BUSINESS EMPLOYMENT INCENTIVE PROGRAM › Section 19:31I-1.8 - Evaluation process

Current through Register Vol. 56, No. 14, July 15, 2024
(a) When all of
				  the required information is received, the Authority staff shall review the
				  materials to determine what percentage and term of grant, if any, the applicant
				  would be eligible to receive based on the eligible positions for new employees.
				  This evaluation shall be based on an evaluation of the application and an
				  analysis of historic and projected financial statements and a comparison to
				  industry peers (primary emphasis will be placed on the record of profitability
				  and financial stability for the past two years and projections of profitability
				  and financial stability over the term of the grant) solely for the purpose of
				  potential disqualification, debarment, and conflict of interest, providing a
				  grant to an applicant shall constitute "financial assistance" under
				  19:30-2.2(a), and the terms and conditions of N.J.A.C. 19:30-2 shall apply to
				  an applicant for a grant.
(b) If a
				  positive determination is made, the requested business employment incentive
				  grant request shall be presented to the members of the Authority for
				  approval.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31I - BUSINESS EMPLOYMENT INCENTIVE PROGRAM › Subchapter 1 - BUSINESS EMPLOYMENT INCENTIVE PROGRAM › Section 19:31I-1.9 - Approval process

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Only the
				  members of the Authority can approve a business employment incentive
				  grant.
(b) When the members of the
				  Authority approve a request, the minutes of the meeting at which such approval
				  occurs shall be submitted to the Governor.
(c) The members' approval shall become
				  effective 10 working days after the Governor's receipt of the minutes, provided
				  no gubernatorial veto of the action has occurred.
(d) If there has been no veto, a Commitment
				  Letter shall be issued to the applicant, which contains all terms and
				  conditions of the grant. The business must execute and return the Commitment
				  Letter within 30 days. Failure to execute and return the Commitment Letter to
				  the Authority within 30 days will result in rescission of the grant. The Chief
				  Executive Officer of the Authority may, at his or her discretion, extend the
				  expiration date of a Commitment Letter upon request by the business.
(e) When all required documentation as
				  outlined in the Commitment Letter is submitted by the business, in form and
				  content satisfactory to the Authority, a Grant Agreement shall be prepared by
				  the Authority and forwarded to the business for execution.
(f) If the business does not execute and
				  return the Grant Agreement within 60 days from the date of issuance, the grant
				  shall be rescinded.
(g) If the
				  business does not commence the project within one year from the date of
				  approval by the Members of the Authority, the grant shall be rescinded. The
				  Chief Executive Officer of the Authority may, at his or her discretion, extend
				  the expiration date of the grant upon request by the business.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31I - BUSINESS EMPLOYMENT INCENTIVE PROGRAM › Subchapter 1 - BUSINESS EMPLOYMENT INCENTIVE PROGRAM › Section 19:31I-1.10 - Rescission and withholding of grant payments

Current through Register Vol. 56, No. 14, July 15, 2024
(a)
				  Defaults under the grant agreement may include, but not be 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 Grant Agreement;
3. Failure to maintain the stipulated
				  employment levels;
4. Submission of
				  false or misleading information, or failure to submit relevant information;
				  or
5. Insolvency, bankruptcy or
				  other conditions which affect the financial integrity of the
				  business.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31I - BUSINESS EMPLOYMENT INCENTIVE PROGRAM › Subchapter 1 - BUSINESS EMPLOYMENT INCENTIVE PROGRAM › Section 19:31I-1.11 - Prevailing wage and affirmative action

Current through Register Vol. 56, No. 14, July 15, 2024
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 31I - BUSINESS EMPLOYMENT INCENTIVE PROGRAM › Subchapter 1 - BUSINESS EMPLOYMENT INCENTIVE PROGRAM › Section 19:31I-1.13 - Attorney General review

Current through Register Vol. 56, No. 14, July 15, 2024
All documents, including the application, for the program
					 are subject to review by the Attorney General's office.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31J - PETROLEUM UNDERGROUND STORAGE TANK REMEDIATION, UPGRADE AND CLOSURE FUND › Subchapter 1 - PETROLEUM UNDERGROUND STORAGE TANK REMEDIATION, UPGRADE AND CLOSURE FUND › Section 19:31J-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 those sections at
					 P.L.
					 1997, c. 235
					 (N.J.S.A.
					 58:10A-37.1 et seq.), as amended, which
					 pertain to the Petroleum Underground Storage Tank Remediation, Upgrade and
					 Closure Fund. The act established the Petroleum Underground Storage Tank
					 Remediation, Upgrade and Closure Fund, a special revolving fund for the purpose
					 of financing remediation due to the discharge of petroleum from a petroleum
					 underground storage tank or for the costs of upgrade and closure of a regulated
					 tank.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31J - PETROLEUM UNDERGROUND STORAGE TANK REMEDIATION, UPGRADE AND CLOSURE FUND › Subchapter 1 - PETROLEUM UNDERGROUND STORAGE TANK REMEDIATION, UPGRADE AND CLOSURE FUND › Section 19:31J-1.3 - Eligibility

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Financial
				  assistance from the fund may be made for eligible projects to:
1. Eligible owners or operators to finance
				  eligible project costs of an upgrade or closure of a regulated tank pursuant to
				  42 U.S.C. §§ 6991 et seq., or
				  N.J.S.A.
				  58:10A-21 et seq., provided that they owned
				  or operated the subject tank as of December 1, 2002 and continually thereafter
				  or inherited the property from a person who owned the property as of that
				  date;
2. Eligible owners or
				  operators to finance eligible project costs of remediation due to the discharge
				  of petroleum from one or more tanks, provided that, in the case of regulated
				  tanks, they owned the tank(s) at the time of closure;
3. Eligible owners or operators of regulated
				  tanks that are not operational to finance the closure and remediation of those
				  tanks for 18 months after the date of discovery of the tank, or June 30, 2010,
				  whichever is later;
4. Eligible
				  owners or operators of regulated tanks to finance eligible project costs of
				  closure and remediation if the application is filed with the Department by June
				  30, 2010, and the application fee is received by the Authority and the
				  application is deemed complete by December 31, 2010;
5. Eligible owners or operators of regulated
				  tanks who have met the upgrade requirements pursuant to 42 U.S.C. §§
				  6991 et seq., or P.L. 1986, c. 102 (N.J.S.A.
				  58:10A-21 et seq.) may qualify for a loan in
				  order to finance an improvement or replacement of a regulated tank to meet
				  State and Federal standards;
6.
				  Category 5 and 6 eligible owners or operators of petroleum underground storage
				  tanks with a capacity of 2,000 gallons or less used to store heating oil for
				  onsite consumption in a nonresidential building where no remediation is
				  required may qualify for a grant to finance eligible project costs of closure
				  and replacement, provided that the tank was not previously replaced with a
				  grant from the Fund;
7. Eligible
				  owners or operators in Category 5 and 6 may qualify for a grant to finance
				  eligible project costs of closure or remediation of a petroleum underground
				  storage tank; and
8. Eligible
				  owners or operators of petroleum underground storage tanks used to store
				  heating oil for onsite consumption in a residential building may qualify for a
				  grant to finance eligible project costs of closure or closure and replacement.
				  To the maximum extent possible, the eligible owner or operator shall replace
				  the tank with an aboveground tank.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31J - PETROLEUM UNDERGROUND STORAGE TANK REMEDIATION, UPGRADE AND CLOSURE FUND › Subchapter 1 - PETROLEUM UNDERGROUND STORAGE TANK REMEDIATION, UPGRADE AND CLOSURE FUND › Section 19:31J-1.4 - Amount of financial assistance

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Financial
				  assistance may be for 100 percent of the eligible project costs, subject to any
				  dollar limitations as may otherwise be set forth in this subchapter. Loans for
				  upgrade, remediation or closure, or any combination, for any one facility,
				  shall not exceed $ 2,000,000, except as provided at (a)1 and 2 below:
1. In the case of an eligible owner or
				  operator of a facility located within an area designated as a Planning Area 1
				  (Metropolitan), Planning Area 2 (Suburban), a designated center as designated
				  pursuant to the State Planning Act, sections 1 through 12 at P.L. 1985, c. 398
				  (N.J.S.A.
				  52:18A-196 et seq.), or the Highlands Region
				  designated pursuant to section 7 at
				  P.L.
				  2004, c. 120
				  (N.J.S.A.
				  13:20-7), the eligible owner or operator may
				  receive a loan in an amount not to exceed $ 3,000,000; and
2. A loan that an applicant may receive from
				  the fund for a remediation of a discharge that poses a threat to a drinking
				  water source may not exceed $ 3,000,000.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31J - PETROLEUM UNDERGROUND STORAGE TANK REMEDIATION, UPGRADE AND CLOSURE FUND › Subchapter 1 - PETROLEUM UNDERGROUND STORAGE TANK REMEDIATION, UPGRADE AND CLOSURE FUND › Section 19:31J-1.6 - Terms of financial assistance

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An entity
				  applying for financial assistance from the Fund may only be awarded financial
				  assistance in the form of an interest free loan, as follows:
1. Loans from the Fund shall be for a term of
				  not more than 10 years. Interest on loans from the Fund, except loans to public
				  entities, shall be equal to an amount fixed between two percent and the prime
				  rate at time of approval, or at the time of closing if the prime rate is lower.
				  The Authority shall determine the interest rate based on the applicant's
				  ability to repay the loan.
2. If
				  the facility for which the loan was made is sold, the unpaid balance of the
				  loan shall become immediately due and payable in full.
3. A loan shall be awarded only upon a
				  finding that the applicant, other than a public entity, is able to repay the
				  loan.
4. Except for eligible owners
				  and operators in Categories 2, 4 and 6, applicants cannot be awarded a loan
				  unless they show the inability to qualify for a conventional loan for all or
				  part of the eligible project costs.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31J - PETROLEUM UNDERGROUND STORAGE TANK REMEDIATION, UPGRADE AND CLOSURE FUND › Subchapter 1 - PETROLEUM UNDERGROUND STORAGE TANK REMEDIATION, UPGRADE AND CLOSURE FUND › Section 19:31J-1.7 - Priority system for financial assistance

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Upon the
				  Authority's approval of an application for financial assistance, the Authority
				  shall award financial assistance upon availability of sufficient monies in the
				  fund. When monies in the fund are not sufficient at any time to fully fund all
				  applications for financial assistance that have been approved by the Authority,
				  the Authority shall award financial assistance to approved applicants,
				  notwithstanding the date of application in the following priority as determined
				  by the Department.
1. Upgrades of regulated
				  tanks required to be upgraded pursuant to 42 U.S.C. §§ 6991 et seq.,
				  including necessary remediation at the site of the regulated tank;
2. Closure of any regulated tank required to
				  be upgraded pursuant to 42 U.S.C. §§ 6991 et seq., including
				  necessary remediation at the site of the regulated tank;
3. Upgrades of regulated tanks requiring
				  upgrade pursuant to
				  N.J.S.A.
				  58:10A-21 et seq., but not pursuant to 42
				  U.S.C. §§ 6991 et seq., and necessary remediation at the site of the
				  regulated tank;
4. Any necessary
				  remediation at the sites of petroleum underground storage tanks other than
				  those given priority in (a)1, 2, and 3 above;
5. Closure of any regulated tank required to
				  be upgraded pursuant to
				  N.J.S.A.
				  58:10A-21 et seq., but not pursuant to 42
				  U.S.C. §§ 6991 et seq.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31J - PETROLEUM UNDERGROUND STORAGE TANK REMEDIATION, UPGRADE AND CLOSURE FUND › Subchapter 1 - PETROLEUM UNDERGROUND STORAGE TANK REMEDIATION, UPGRADE AND CLOSURE FUND › Section 19:31J-1.9 - Evaluation process for financial assistance

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
				  credit evaluation based on the following, as applicable:
1. Visitation to the applicant's place of
				  business;
2. An analysis of
				  historic and projected financial statements and a comparison to industry
				  peers;
3. An independent industry
				  study using source material such as the U.S. Department of Commerce's
				  Industrial Outlook and the Standard and Poor's Industry Survey, comparing the
				  applicant's projections to the study, and considering the short term and long
				  term outlook for the industry;
4.
				  Contact with applicant's customers to ascertain the quality of the product or
				  service provided, the competitiveness of the pricing, reliability and
				  timeliness of delivery, length of the relationship, likelihood of the
				  relationship being continued, and the customers' opinions of the applicant's
				  management;
5. Contact with
				  applicant's suppliers to ascertain the length of the relationship, the amount
				  of credit extended, the amount of purchases, payment history, the likelihood of
				  the relationship being continued, and possibly an opinion of applicant's
				  management;
6. Contact with
				  applicant's suppliers to ascertain credit history and an opinion of the
				  applicant's management;
7. An
				  analysis of collateral available to secure the requested financing as to
				  adequacy of amount, quality, condition and marketability; and
8. Independent credit investigations of the
				  applicant and its principals, which may include real estate searches, financing
				  statement searches, and judgment and lien searches.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31J - PETROLEUM UNDERGROUND STORAGE TANK REMEDIATION, UPGRADE AND CLOSURE FUND › Subchapter 1 - PETROLEUM UNDERGROUND STORAGE TANK REMEDIATION, UPGRADE AND CLOSURE FUND › Section 19:31J-1.10 - Approval process for financial assistance

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Only the
				  members of the Authority can approve financial assistance from the Fund, unless
				  the authority to approve certain types of transactions has been expressly
				  delegated by the members to Authority staff.
(b) When the members approve financial
				  assistance, the minutes of the meeting at which such approval occurs are
				  submitted to the Governor.
(c) The
				  members' approval is effective 10 working days after the Governor's receipt of
				  the minutes, provided no gubernatorial veto of this action has
				  occurred.
(d) If there has been no
				  veto, or if Authority staff has rendered its approval under delegated
				  authority, a formal commitment letter, notice of approval of financial
				  assistance shall be issued to the applicant.
1. The notice of approval shall contain all
				  terms, conditions and collateral required by the Authority and in the case of a
				  loan may include, among other things, that:
i. Life insurance on the applicant's
				  principal officer(s) is required in an amount equal to the Authority's
				  financial assistance. The life insurance must name the Authority as collateral
				  assignee; and
ii. Personal or
				  corporate guarantees of owners of 10 percent or more of the applicant are
				  required, and there may be a requirement for collateral apart from the
				  applicant's collateral to secure the guarantees, based on the amount to be
				  loaned.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31J - PETROLEUM UNDERGROUND STORAGE TANK REMEDIATION, UPGRADE AND CLOSURE FUND › Subchapter 1 - PETROLEUM UNDERGROUND STORAGE TANK REMEDIATION, UPGRADE AND CLOSURE FUND › Section 19:31J-1.11 - Disbursement of financial assistance

Current through Register Vol. 56, No. 14, July 15, 2024
(a) All requests
				  for disbursements of the financial assistance shall be submitted by the
				  applicant to the Department with a certification from the contractor or
				  consultant that the requested moneys have been or will be spent in accordance
				  with a Department approved scope of work. The Authority will disburse funds
				  only upon written approval by the Department. Notwithstanding the foregoing,
				  the Authority will disburse funds for closure or closure and replacement of a
				  non-leaking tank upon satisfactory review and approval of a completed
				  application and imposition of a statutory lien, if applicable.
(b) The recipient of financial assistance
				  must provide access to the Authority and the Department, at reasonable times,
				  to the subject property to determine compliance with the terms and conditions
				  of the financial assistance.
(c) In
				  the case of a grant, payment shall be conditioned upon the subrogation to the
				  Department of all rights of the recipient to recover remediation costs from the
				  discharger or other responsible party.
(d) Where financial assistance to a person
				  other than a public entity, is for a portion of the remediation cost, the
				  applicant shall provide evidence that all moneys for which a remediation
				  funding source has been established, have been expended, before the proceeds of
				  the financial assistance shall be disbursed.
(e) If a combination loan and grant is
				  awarded, the Authority shall release the loan monies prior to the release of
				  the grant monies, and only release the grant monies upon closure and complete
				  disbursement of the loan.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31J - PETROLEUM UNDERGROUND STORAGE TANK REMEDIATION, UPGRADE AND CLOSURE FUND › Subchapter 1 - PETROLEUM UNDERGROUND STORAGE TANK REMEDIATION, UPGRADE AND CLOSURE FUND › Section 19:31J-1.12 - Attorney General review

Current through Register Vol. 56, No. 14, July 15, 2024
All financing documents, including the application, are
					 subject to review by the Attorney General's Office.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31J - PETROLEUM UNDERGROUND STORAGE TANK REMEDIATION, UPGRADE AND CLOSURE FUND › Subchapter 1 - PETROLEUM UNDERGROUND STORAGE TANK REMEDIATION, UPGRADE AND CLOSURE FUND › Section 19:31J-1.13 - Fees

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An application fee shall be charged as
				  follows:
1. $ 250.00 for tanks in residential
				  buildings;
2. $ 500.00, at
				  application, for tanks in nonresidential buildings; $ 500.00 or one-half of one
				  percent of the financial assistance, whichever is greater, upon the acceptance
				  of financial assistance under the Fund; and $ 500.00 or one-half of one percent
				  of the financial assistance, whichever is greater, at closing; and
3. $ 1,000 for seven or more tanks in
				  nonresidential buildings.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31J - PETROLEUM UNDERGROUND STORAGE TANK REMEDIATION, UPGRADE AND CLOSURE FUND › Subchapter 1 - PETROLEUM UNDERGROUND STORAGE TANK REMEDIATION, UPGRADE AND CLOSURE FUND › Section 19:31J-1.14 - Public record

Current through Register Vol. 56, No. 14, July 15, 2024
All information submitted to the Department and/or the
					 Authority as part of an application for financial assistance shall be deemed a
					 public record subject to the provisions of 47:1A-1 et seq.
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-1.1 - 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.
					 1997, c. 334, as
					 amended at P.L. 2009, c.
					 90,
					 P.L.
					 2010, c. 10,
					 P.L.
					 2020, c. 156, and
					 P.L.
					 2021, c. 160. The act
					 establishes a corporation business tax benefit certificate transfer program to
					 assist new or expanding emerging technology and biotechnology companies in New
					 Jersey.
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-1.3 - Eligibility

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A business shall be eligible to apply to
				  the program if the Authority finds that the business:
1. Meets the definition of a technology or
				  biotechnology business;
2. Has
				  unused amounts of research and development tax credits and/or unused net
				  operating loss carryover; and
3.
				  Meets the definition of new or expanding.