reglab/statecodes huggingface dataset:
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31V - ASPIRE PROGRAM RULES › Subchapter 1 - ASPIRE › Section 19:31V-1.19 - Affordability controls: restrictions on rents

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Rent shall be calculated so as not to
				  exceed 30 percent of the eligible monthly income of the appropriate household
				  size as determined pursuant to N.J.A.C. 19:31V-1.17; provided, however, that
				  the rent shall be subject to the affordability average requirement at N.J.A.C.
				  19:31V-1.16.
(b) Mandatory fees or
				  charges shall be included in the calculation of rent.
(c) Application fees (including the charge
				  for any credit check) may not exceed five percent of the monthly rental of the
				  applicable restricted unit.
(d) A
				  written lease is required for all restricted rental units. Final lease
				  agreements are the responsibility of the developer (or subsequent owner of the
				  affordable development) and the prospective tenant. Tenants are responsible for
				  security deposits and the full amount of the rent as stated on the lease. All
				  lease provisions shall comply with applicable law.
(e) Those tenant-paid utilities that are
				  included in the utility allowance shall be so stated in the lease. The
				  allowance for utilities shall be consistent with the utility allowance as
				  utilized by the Agency for Federal low-income housing tax credits.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31V - ASPIRE PROGRAM RULES › Subchapter 1 - ASPIRE › Section 19:31V-1.20 - Affordability controls: tenant income eligibility

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The initial rent proposed for a
				  restricted unit shall not exceed 35 percent (40 percent for age-restricted
				  units) of the household's eligible monthly income as determined pursuant to
				  N.J.A.C. 19:31V-1.22; provided, however, that this limit may be exceeded if one
				  or more of the following circumstances exists:
1. The household currently pays more than 35
				  percent (40 percent for households eligible for age-restricted units) of its
				  eligible monthly income for rent and the proposed rent will reduce its housing
				  costs;
2. The household has
				  consistently paid more than 35 percent (40 percent for households eligible for
				  age-restricted units) of eligible monthly income for rent in the past and has
				  proven its ability to pay;
3. The
				  household is currently in substandard or overcrowded living
				  conditions;
4. The household
				  documents the existence of assets, with which the household proposes to
				  supplement the rent payments; or
5.
				  The household documents proposed third-party assistance from an outside source,
				  such as a family member.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31V - ASPIRE PROGRAM RULES › Subchapter 1 - ASPIRE › Section 19:31V-1.21 - Affordability controls: affirmative marketing

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The developer or subsequent owner of an
				  affordable development shall have an affirmative marketing plan that is a
				  regional marketing strategy designed to attract renters regardless of race,
				  religious principles, color, national origin, ancestry, marital or familial
				  status, liability for service in the Armed Forces of the United States,
				  nationality, sex, gender identity or expression, disability, age (except
				  age-restricted units), source of lawful income, or number of children to
				  housing units which are being marketed by a developer or sponsor of affordable
				  housing. The affirmative marketing plan shall also target those potentially
				  eligible persons who are least likely to apply for restricted units in that
				  region. The affirmative marketing plan shall be continuing and cover the period
				  of deed restriction.
(b) The
				  developer or subsequent owner of an affordable development shall comply with
				  the affirmative marketing plan for restricted units.
(c) The affirmative marketing plan shall
				  provide the following information:
1. The
				  name and address of the project;
2.
				  The number of units, including the number of rental units;
3. The rent for rental units;
4. The name of the rental manager;
5. A description of the random selection
				  process that will be used to select occupants of restricted units;
				  and
6. Disclosure of required
				  application fees.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31V - ASPIRE PROGRAM RULES › Subchapter 1 - ASPIRE › Section 19:31V-1.22 - Affordability controls: household selection; related project information

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The developer
				  or subsequent owner of the affordable development shall obtain all information
				  from applicant households necessary and appropriate to determine that
				  restricted units are occupied by properly sized households with appropriate
				  low- or moderate-income levels.
(b)
				  When reviewing an applicant household's income to determine eligibility, the
				  developer or subsequent owner of the affordable development shall compare the
				  applicant household's total gross annual income to the household limits then in
				  effect. For the purposes of this subchapter, income and assets, and
				  verification of same, shall be defined and calculated as set forth by the
				  Agency for Federal low-income housing tax credits.
(c) Households shall also be required to
				  produce documentation of household composition for determining the correct unit
				  size and applicable median income guide.
(d) The following information shall be
				  maintained by the developer or subsequent owner of the affordable development
				  and shall be provided to the Agency or the Authority upon request:
1. The total number of units in the
				  redevelopment project, and number of restricted units, broken down by bedroom
				  size, identifying which are moderate-, low-, and very low-income units, and
				  including street addresses of restricted units;
2. Floor plans of all restricted units,
				  including complete and accurate identification of uses and dimensions of all
				  rooms;
3. A project map identifying
				  the locations of restricted units and market units;
4. Proposed rent for all units;
5. Any maintenance or other fees;
6. Sewer, trash disposal, and any other
				  utility assessments;
7. A
				  description of all HVAC systems;
8.
				  Location of any common areas and elevators;
9. Proposed form of lease; and
10. The name of the person who is responsible
				  for compliance with the affordability controls.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31V - ASPIRE PROGRAM RULES › Subchapter 1 - ASPIRE › Section 19:31V-1.23 - 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 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 with his or her
				  finding(s) and recommendation(s) on the merits of the appeal. The hearing
				  officer's report shall be advisory in nature. After reviewing the report, the
				  Chief Executive 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, 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 31V - ASPIRE PROGRAM RULES › Subchapter 1 - ASPIRE › Section 19:31V-1.24 - Reports by the Authority to the Governor and Legislature on implementation of the Program

Current through Register Vol. 56, No. 14, July 15, 2024
(a)
				  Beginning in 2022, and every two years thereafter, a State college or
				  university established pursuant to Chapter 64 of Title 18A of the New Jersey
				  Statutes shall, pursuant to an agreement executed between the State college or
				  university and the Authority, prepare a report on the implementation of the
				  Program, and submit the report to the Authority, the Governor, and, pursuant to
				  N.J.S.A.
				  52:14-19.1, to the Legislature. Each biennial
				  report required pursuant to this section shall include a description of each
				  redevelopment project receiving a tax credit pursuant to the Program, a
				  detailed analysis of the consideration given in each project to the factors set
				  forth at N.J.S.A. 34:1B-326 and 327 and
				  N.J.A.C. 19:31V-1.6 and 1.7, in the case of a commercial project, the return on
				  investment for incentive awards provided and the commercial project's impact on
				  the State's economy, and any other metrics the State college or university
				  determines are relevant based upon national best practices. The Authority shall
				  prepare a written response to the report, which the Authority shall submit to
				  the Governor and, pursuant to
				  N.J.S.A.
				  52:14-19.1, to the Legislature.
(b) On or before December 31, 2023, the
				  Authority shall submit a report to the Governor and, pursuant to
				  N.J.S.A.
				  52:14-19.1, the Legislature on the
				  effectiveness of the Program in encouraging development in
				  government-restricted municipalities, which report shall include, at a minimum,
				  recommendations to incentivize additional development in government-restricted
				  municipalities through financial assistance or other incentives that the
				  authority determines are appropriate.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31V - ASPIRE PROGRAM RULES › Subchapter 1 - ASPIRE › Section 19:31V-1.25 - 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 31W - PPE MANUFACTURING TAX CREDIT PROGRAM › Subchapter 1 - PPE MANUFACTURING TAX CREDIT PROGRAM › Section 19:31W-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 sections 106 and 107 of the New
					 Jersey Economic Recovery Act of 2020,
					 P.L.
					 2020, c. 156,
					 establishing the PPE Manufacturing Tax Credit Program. The Act authorizes the
					 Authority to administer the program to encourage economic development, job
					 creation, and the production of PPE within the State. The Board may approve the
					 award of tax credits to a taxpayer upon application of the taxpayer and
					 following the execution of an approval letter and the payment of fees, subject
					 to the limitations set forth in this subchapter.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31W - PPE MANUFACTURING TAX CREDIT PROGRAM › Subchapter 1 - PPE MANUFACTURING TAX CREDIT PROGRAM › Section 19:31W-1.3 - Eligibility criteria

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A taxpayer
				  eligible pursuant to this section may submit an application to the Authority in
				  accordance with N.J.A.C. 19:31W-1.5 on or after August 5, 2021, the effective
				  date of this subchapter, but prior to the earlier of 18 months following the
				  completion date of capital investment, or July 1, 2024.
(b) The Authority shall make the
				  determination that an applicant has met the criteria for eligibility for an
				  award and shall determine the amount of the award. A taxpayer shall be eligible
				  for tax credits if the Authority finds that as of the date of the taxpayer's
				  application:
1. The taxpayer has made a
				  capital investment in the qualified facility equal to or greater than the
				  applicable amount set forth at (c) below with a completion date of capital
				  investment during the privilege periods or taxable years 2020, 2021, or 2022;
				  and
2. The taxpayer has new
				  qualifying full-time jobs or retained qualifying full-time jobs in an amount
				  equal to or greater than the applicable number set forth at (d)
				  below.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31W - PPE MANUFACTURING TAX CREDIT PROGRAM › Subchapter 1 - PPE MANUFACTURING TAX CREDIT PROGRAM › Section 19:31W-1.4 - Application submission requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Each
				  application to the Authority shall include the following information in an
				  application format prescribed by the Authority:
1. Taxpayer information, which shall include
				  the following:
i. The name of the
				  taxpayer;
ii. Any other name(s)
				  under which the taxpayer conducts business, if applicable;
iii. The name and contact details (name,
				  telephone, and email address) of the primary contact person and, if different,
				  the name and contact details of a person with authority to sign on behalf of
				  the taxpayer;
iv. The taxpayer's
				  address;
v. The address of the
				  qualified facility, if different than the taxpayer address;
vi. The type of business
				  organization;
vii. The New Jersey
				  tax identification number;
viii.
				  The Federal tax identification number;
ix. A list of all New Jersey Department of
				  Labor and Workforce Development, the Department of Environmental Protection,
				  and the Department of the Treasury permits and approvals or obligations and
				  responsibilities, with which the owner or business is associated with or has an
				  interest in. The list shall identify the entity that applied for or received
				  such permits and approvals or have such obligations and responsibilities, such
				  as by program interest numbers or licensing numbers. The taxpayer shall also
				  submit a written certification by the taxpayer, if an individual, or the owner
				  or chief executive officer or equivalent officer for North American operations
				  of the taxpayer, if not an individual, stating that the taxpayer applying for
				  the program is in substantial good standing with the Department of Labor and
				  Workforce Development, the Department of Environmental Protection, and the
				  Department of the Treasury as set forth at N.J.A.C. 19:31W-1.6(b), and that the
				  individual has reviewed the application information submitted and that the
				  representations contained therein are accurate, under the penalty of
				  perjury;
x. A completed legal
				  questionnaire disclosing all relevant legal matters in accordance with the
				  Authority debarment and disqualification rules at N.J.A.C. 19:30-2;
xi. Submission of a tax clearance
				  certificate, pursuant to
				  P.L.
				  2007, c. 101;
				  and
xii. 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 31W - PPE MANUFACTURING TAX CREDIT PROGRAM › Subchapter 1 - PPE MANUFACTURING TAX CREDIT PROGRAM › Section 19:31W-1.5 - 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 of $
				  2,000.
(b) A business shall pay to
				  the Authority the full amount 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.
(c) A non-refundable
				  fee of $ 5,000 shall be charged prior to the approval of the tax credit by the
				  Authority, except that the fee shall be refunded if the Authority does not
				  approve the tax credit.
(d) A
				  business shall pay to the Authority an annual servicing fee of $ 2,000 at the
				  time the business submits its annual report.
(e) A business shall pay to the Authority a
				  non-refundable fee of $ 1,000 for each request for any administrative changes,
				  additions, or modifications to the tax credit. If the Authority deems the
				  changes, additions, or modifications to be major, such as those requiring
				  extensive staff time and Board approval, the fee shall be $ 2,500.
(f) A business seeking to terminate an
				  existing incentive agreement in order to participate in the PPE Manufacturing
				  Tax Credit Program shall pay to the Authority a non-refundable fee of $ 2,500
				  for a termination that does not require extensive staff time and Board approval
				  and $ 7,500 for a termination that requires extensive staff time and Board
				  approval.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31W - PPE MANUFACTURING TAX CREDIT PROGRAM › Subchapter 1 - PPE MANUFACTURING TAX CREDIT PROGRAM › Section 19:31W-1.6 - Evaluation process; approval and award of tax credits

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The
				  Authority shall conduct a review of the applications on a first in time rolling
				  basis commencing with the completed application bearing the earliest submission
				  date, subject to an annual cap of $ 10 million in any State fiscal year.
				  Completed applications submitted in a fiscal year where the annual cap has been
				  met will be considered first in the subsequent fiscal year. The review will
				  determine whether the applicant:
1. Complies
				  with all program eligibility criteria;
2. Satisfies the submission requirements,
				  including fee requirements; and
3.
				  Provides adequate information for the subject application.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31W - PPE MANUFACTURING TAX CREDIT PROGRAM › Subchapter 1 - PPE MANUFACTURING TAX CREDIT PROGRAM › Section 19:31W-1.7 - Determination of tax credit amount; application of the tax credit

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The
				  tax credit for each new qualifying full-time job shall be the sum of $ 10,000
				  and the amount set forth at (b) below. The tax credit for each retained
				  qualifying full-time job shall be the amount set forth at (b) below.
(b) The taxpayer shall receive the sum of the
				  following amounts as tax credit for each new or retained qualifying full-time
				  job:
1. $ 1,000 if the qualified facility is
				  a building vacant for not less than seven years in need of rehabilitation with
				  a minimum of 250,000 square feet.
2. $ 1,500 for a qualified facility in which
				  at the date of application the manufacturing of personal protective equipment,
				  is part of a research collaboration between the taxpayer and a college or
				  university located within the State. The research collaboration must require at
				  least 35 hours per week of collaborative activity, or any other standard of
				  collaborative activity generally accepted by custom or practice as full-time,
				  as determined by the Authority, and evidenced by an agreement at
				  application.
3. $ 1,000 for a
				  qualified facility in which at the date of application, the taxpayer has
				  established an apprenticeship program or pre-apprenticeship program with a
				  technical school or county college located within the State. The apprenticeship
				  program or pre-apprenticeship program must require at least 35 hours per week
				  of employment or training, or any other standard of apprenticeship or
				  pre-apprenticeship activity generally accepted by custom or practice as
				  full-time, as determined by the Authority, and evidenced by an agreement at
				  application.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31W - PPE MANUFACTURING TAX CREDIT PROGRAM › Subchapter 1 - PPE MANUFACTURING TAX CREDIT PROGRAM › Section 19:31W-1.8 - Approval letter

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Board's award of the credit will be
				  subject to conditions in the approval letter that the taxpayer must satisfy to
				  remain in compliance with the program.
(b) The terms of the approval letter shall
				  include, but shall not be limited to, the following:
1. A detailed description of the project that
				  has resulted in job creation or retention, and the number of new and retained
				  qualifying full-time jobs that are approved for tax credits;
2. The taxable year or privilege period of
				  the tax credits;
3. The dates of
				  the commitment period, a requirement that the taxpayer maintain the new
				  qualified full-time jobs for such period, and a provision allowing the
				  Authority to recapture all or part of any tax credits awarded, at its
				  discretion, if the taxpayer does not remain in compliance with this
				  provision;
4. A method for the
				  taxpayer to report annually as required pursuant to N.J.A.C.
				  19:31W-1.9;
5. A provision
				  permitting an audit of the payroll records of the taxpayer and any other
				  evidence and documentation supporting the applications and certifications made
				  pursuant to the requirements of the program;
6. A provision establishing the conditions
				  under which the Authority, the taxpayer, or both, may terminate compliance with
				  the requirements of the program;
7.
				  An agreement by the taxpayer that the statute of limitations for the collection
				  and assessment of corporation business tax or gross income tax, as applicable,
				  will be extended to the period of the commitment period;
8. A requirement that the taxpayer indemnify
				  and insure the Authority and the State;
9. Default and remedies, including, but not
				  limited to, a default if a taxpayer made a material misrepresentation on its
				  application; and
10. A provision
				  requiring that the Authority's prevailing wage requirements,
				  P.L.
				  2007, c. 245
				  (N.J.S.A.
				  34:1B-5.1), and affirmative action
				  requirements, P.L. 1979, c. 303 (N.J.S.A. 34:1B-5.4),
				  apply for two years after the tax credit certificate is
				  issued.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31W - PPE MANUFACTURING TAX CREDIT PROGRAM › Subchapter 1 - PPE MANUFACTURING TAX CREDIT PROGRAM › Section 19:31W-1.9 - Annual compliance certificate; compliance

Current through Register Vol. 56, No. 14, July 15, 2024
(a) For
				  each year of the commitment period, not later than 120 days following the end
				  of the business's tax privilege period beginning with the year in which the
				  capital investment was certified, the taxpayer shall provide the Authority with
				  its annual compliance certificate in a form satisfactory to the Authority. The
				  annual compliance certificate shall include, but shall not be limited to:
1. A certification by the taxpayer, if an
				  individual, or the owner or chief executive officer or equivalent officer for
				  North American operations of the taxpayer, if not an individual, under the
				  penalty of perjury, that the taxpayer has met its commitment to maintain the
				  new qualifying full-time jobs that were used in calculating the awarded tax
				  credits under the program. New qualifying full-time jobs for a year shall be
				  determined as the average of the monthly new qualifying full-time jobs for the
				  period.
2. For the purposes of the
				  annual reports required pursuant to (a)1 above, if a taxpayer has received an
				  award for both new and retained qualifying full-time jobs, the taxpayer shall
				  meet the employment requirements related to the retained qualifying full-time
				  jobs before receiving tax credits for the new qualifying full-time
				  jobs.
3. To the extent a retained
				  qualifying full-time job that was the basis of an award no longer exists, the
				  taxpayer shall include as a retained qualifying full-time job, a new qualifying
				  full-time job that is filled by a new hire, provided that the position is
				  included in the order of date of hire and is not the basis for any other
				  incentive award.
4. A certification
				  by the taxpayer, if an individual, or the owner or chief executive officer or
				  equivalent officer for North American operations of the taxpayer, if not an
				  individual, under penalty of perjury, indicating whether or not the taxpayer is
				  aware of any condition, event, or act, which would cause the business not to be
				  in compliance with the approval, the Act, or the approval
				  letter.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31W - PPE MANUFACTURING TAX CREDIT PROGRAM › Subchapter 1 - PPE MANUFACTURING TAX CREDIT PROGRAM › Section 19:31W-1.10 - 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 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 the
				  hearing officer's 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 31W - PPE MANUFACTURING TAX CREDIT PROGRAM › Subchapter 1 - PPE MANUFACTURING TAX CREDIT PROGRAM › Section 19:31W-1.11 - 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 31X - EVERGREEN › Subchapter 1 - EVERGREEN › Section 19:31X-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 the provisions of the New Jersey
					 Economic Recovery Act of 2020 establishing the New Jersey Innovation Evergreen
					 Act (Act),
					 sections
					 20 through
					 34 of
					 P.L.
					 2020, c. 156, as
					 amended. Pursuant to the Act, the Authority shall administer a program to
					 invest in innovation as a catalyst for economic growth and to advance the
					 competitiveness of the State's businesses in the global economy. The Authority
					 shall auction corporate business tax credits and will deposit the amounts
					 received in a dedicated fund to be known as the New Jersey Innovation Evergreen
					 Fund (Fund). The Authority shall use the money in the Fund to carry out the
					 purposes enumerated in this subchapter.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31X - EVERGREEN › Subchapter 1 - EVERGREEN › Section 19:31X-1.11 - Affirmative action and prevailing wage

Current through Register Vol. 56, No. 14, July 15, 2024
The Authority's affirmative action requirements at
					 N.J.S.A.
					 34:1B-5.4 and N.J.A.C. 19:30-3 and the
					 prevailing wage requirements at
					 N.J.S.A.
					 34:1B-5.1 and N.J.A.C. 19:30-4 shall apply
					 only to the management fees and direct expenses received by the qualified
					 venture firm.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31X - EVERGREEN › Subchapter 1 - EVERGREEN › Section 19:31X-1.12 - Program fees

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A tax credit
				  purchaser, venture firm, or business shall pay to the Authority the full amount
				  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.
(b) No fees shall be
				  charged from tax credit purchasers, venture firms, or businesses.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31X - EVERGREEN › Subchapter 1 - EVERGREEN › Section 19:31X-1.13 - New Jersey Innovation Evergreen Advisory Board

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The New Jersey Innovation Evergreen
				  Advisory Board is established in, but not of, the Authority for the purposes of
				  providing guidance and networking opportunities to qualified businesses. The
				  members of the New Jersey Innovation Evergreen Advisory Board shall serve in a
				  voluntary capacity, to be appointed through a process to be determined by the
				  Chief Executive Officer of the Authority from among tax credit purchasers and
				  other strategic partners identified by the Chief Executive Officer, to support
				  the State's innovation ecosystem. The terms of the voluntary members so
				  appointed, after the initial appointments, shall be one year, and each member
				  may be reappointed thereafter if the tax credit purchaser purchases tax credits
				  in the following year's tax credit auction or if the tax credit purchaser
				  consents.
(b) The members of the
				  New Jersey Innovation Evergreen Advisory Board shall also be required to attend
				  at least the majority of meetings and events that the Authority schedules each
				  year for participation by the members.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31X - EVERGREEN › Subchapter 1 - EVERGREEN › Section 19:31X-1.15 - Reports on implementation of the program

Current through Register Vol. 56, No. 14, July 15, 2024
Beginning in 2022, and every two years thereafter, the
					 Authority shall prepare a report on the implementation of the program, and
					 submit the report to the Governor, and, pursuant to section 2 at P.L. 1991, c.
					 164 (N.J.S.A. 52:14-19.1), to the
					 Legislature. Each biennial report required pursuant to this section shall
					 include the names and locations of qualified businesses receiving capital,
					 including whether they are located in an opportunity zone; the amount of each
					 qualified investment; a report by a certified public accountant, who is
					 licensed in accordance with the Accountancy Act of 1997,
					 P.L.
					 1997, c. 259
					 (N.J.S.A.
					 45:2B-42 et seq.), or licensed in accordance
					 with the laws of another state, of the consolidated performance of the Fund;
					 the cumulative amount of capital committed by tax credit purchasers; the rate
					 and amount of management fees and carried interest charged by each qualified
					 venture firm, including performance-based earnings and carried interest; the
					 classification of each qualified business, according to the targeted industry
					 and the size of the qualified business; the State's return on investment; the
					 total number of jobs created in the State by the qualified business after the
					 qualified investment; the average wages paid for the jobs; and any other
					 metrics the Authority determines are relevant based upon national best
					 practices.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31X - EVERGREEN › Subchapter 1 - EVERGREEN › Section 19:31X-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 31Y - HISTORIC PROPERTY REINVESTMENT PROGRAM › Subchapter 1 - HISTORIC PROPERTY REINVESTMENT PROGRAM › Section 19:31Y-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 (Authority) to implement the provisions of the
					 New Jersey Economic Recovery Act 2020, establishing the Historic Property
					 Reinvestment Act (Act), sections 2 through 8 at
					 P.L.
					 2020, c. 156
					 (N.J.S.A.
					 34:1B-270 through
					 34:1B-276).
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31Y - HISTORIC PROPERTY REINVESTMENT PROGRAM › Subchapter 1 - HISTORIC PROPERTY REINVESTMENT PROGRAM › Section 19:31Y-1.3 - Eligibility criteria

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A
				  business entity shall be eligible to receive a tax credit award for a
				  rehabilitation project only if the business entity demonstrates to the
				  Authority at the time of application that:
1.
				  Without the tax credit award, the rehabilitation project is not economically
				  feasible;
2. A project financing
				  gap exists, and the tax credit award being considered for the project is equal
				  to or less than the project financing gap;
3. The proposed project is a rehabilitation
				  project;
4. The business entity has
				  not commenced any construction or rehabilitation activity at the site of the
				  rehabilitation project prior to submitting an application, and will not
				  commence any construction or rehabilitation activity until the execution of the
				  rehabilitation agreement except as follows:
i.
				  In the event that the business entity has been ordered by a building code or
				  other official with jurisdiction over the site or the rehabilitation project to
				  correct a health, safety, or other hazard if:
(1) The business entity provides a copy of
				  the order to the Authority;
(2) The
				  business entity documents to the Authority's satisfaction that the proposed
				  construction or rehabilitation activity is limited to resolve the hazard;
				  and
(3) The proposed construction
				  or rehabilitation activity complies with the Secretary of the Interior's
				  Standards for Rehabilitation,
				  36 CFR
				  67.7; and
ii. Any construction or rehabilitation
				  activity at the site of the rehabilitation project was conducted by an entity
				  that is not the current owner or business entity, or an affiliate of the
				  current owner or business entity, and was not done at the direction of or under
				  contract with the owner, business entity, or an affiliate of the owner or
				  business entity; and
5.
				  The business entity has complied with all the requirements for filing tax and
				  information returns and for paying or remitting required State taxes and fees
				  by submitting, as a part of the application, a tax clearance certificate, as
				  described in section 1 at
				  P.L.
				  2007, c. 101
				  (N.J.S.A.
				  54:50-39).
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31Y - HISTORIC PROPERTY REINVESTMENT PROGRAM › Subchapter 1 - HISTORIC PROPERTY REINVESTMENT PROGRAM › Section 19:31Y-1.5 - Fees

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A business
				  entity applying for tax credits under this program shall submit a one-time
				  non-refundable application fee. The application fee shall be as follows:
1. For rehabilitation projects with cost of
				  rehabilitation of $ 10 million or less, the fee shall be $ 2,000;
2. For rehabilitation projects with cost of
				  rehabilitation greater than $ 10 million, the fee shall be $ 7,000;
				  and
3. For transformative projects,
				  the fee shall be $ 18,000.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31Y - HISTORIC PROPERTY REINVESTMENT PROGRAM › Subchapter 1 - HISTORIC PROPERTY REINVESTMENT PROGRAM › Section 19:31Y-1.6 - Review and approval of completed application; tax credit amounts

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In each State
				  fiscal year for which there are tax credits available for this program, the
				  Authority shall establish the date for the availability of the application and
				  the date by when applications must be submitted. The Authority may establish
				  separate dates for transformative projects and for all other rehabilitation
				  projects, provided that the dates for the transformative projects shall be
				  before, or the same as, the dates for all other rehabilitation projects. The
				  Authority shall provide prior public notice of these dates through its
				  website.
(b) For rehabilitation
				  projects eligible pursuant to section 4 at
				  P.L.
				  2020, c. 156
				  (N.J.S.A.
				  34:1B-272), the Authority shall review
				  applications submitted by the corresponding application deadline for
				  eligibility. The review shall determine if 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 31Y - HISTORIC PROPERTY REINVESTMENT PROGRAM › Subchapter 1 - HISTORIC PROPERTY REINVESTMENT PROGRAM › Section 19:31Y-1.7 - Modifications

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Once a
				  rehabilitation project has been approved by the Board, changes in the work as
				  detailed within the rehabilitation agreement, including, but not limited to,
				  demolition or removal of historic fabric, any change in the treatment of
				  historic finishes, any change in the layout or proposed uses of the property, a
				  reduction in the amount of the total cost of rehabilitation or cost of the
				  rehabilitation, or any change in the financing, shall require prior review and
				  written approval by the Authority. In considering whether to approve the
				  modification request, the Authority shall:
1.
				  Determine that the revised rehabilitation project continues to meet the
				  requirements for the rehabilitation of a qualified property or transformative
				  property, as defined under the program.
2. Confirm that any proposed change to the
				  rehabilitation project will not undermine the basis for the tax credit award
				  approved.
3. Determine that the
				  revised rehabilitation project continues to meet the minimum score and would
				  have been eligible based on the order of applications pursuant to N.J.A.C.
				  19:31Y-1.6(c), unless the business entity demonstrates to the Authority that:
i. The modification is due to unforeseeable
				  conditions related to the rehabilitation project beyond the business entity's
				  control and without its fault or negligence;
ii. The business entity is using best
				  efforts, with all due diligence, to proceed with the completion of the
				  rehabilitation project; and
iii.
				  The business entity has made all reasonable efforts to prevent, avoid,
				  mitigate, and overcome the modification.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31Y - HISTORIC PROPERTY REINVESTMENT PROGRAM › Subchapter 1 - HISTORIC PROPERTY REINVESTMENT PROGRAM › Section 19:31Y-1.12 - Affirmative action and prevailing wage

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Authority's affirmative action
				  requirements at P.L. 1979, c. 303 (N.J.S.A.
				  34:1B-5.4), and N.J.A.C. 19:30-3 shall apply
				  to the rehabilitation project. The affirmative action requirements shall apply
				  until the later of the completion of the rehabilitation project or two years
				  after the first tax credit is issued.
(b) The Authority's prevailing wage
				  requirements at
				  P.L.
				  2007, c. 245
				  (N.J.S.A.
				  34:1B-5.1), and N.J.A.C. 19:30-4 shall apply
				  to construction contracts for work performed for the rehabilitation project
				  during the selected rehabilitation period. This prevailing wage requirement
				  shall apply until the later of the end of the selected rehabilitation period or
				  two years after the first tax credit is issued. Prevailing wages shall apply to
				  all work done by tenants at the redevelopment project.
(c) Prevailing wages shall apply to building
				  services at the qualified property or transformative property starting with the
				  completion of the first phase of a rehabilitation project with a selected
				  rehabilitation period of 60 months or the end of the selected rehabilitation
				  period for a rehabilitation project with a selected rehabilitation project of
				  24 months. For all rehabilitation projects, this prevailing wage requirement
				  shall continue for 10 years following the end of the selected rehabilitation
				  period. In the event a portion of a rehabilitation project is undertaken by a
				  tenant and the tenant has a leasehold of more than 35 percent of space in the
				  building owned or controlled by the business entity, the requirement that each
				  worker employed to perform building service work at the building be paid not
				  less than the prevailing wage shall apply to the entire rehabilitation project
				  and all tenants therein.