New Jersey Administrative Code › Title 18 - TREASURY - TAXATION › Chapter 34 - DIRECTOR'S TAX CREDIT PURCHASE PROGRAM › Subchapter 1 - DIRECTOR'S TAX CREDIT PURCHASE PROGRAM › Section 18:34-1.2 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
The following words and terms, as used in this chapter, shall have
				  the following meanings, unless the context clearly indicates otherwise:
"Act" means section 77 and section 89 at
				  P.L.
				  2020, c. 156.
"Agreement" means the agreement entered into between the Division
				  of Taxation and a taxpayer that owns tax credits that are purchased by the Division
				  pursuant to this subchapter. Such agreement includes all relevant terms and
				  conditions required by the Act, including relevant remedies in the event that
				  recapture of credits is required.
"Applicant" means a taxpayer possessing an eligible program tax
				  credit.
"Authority" means the New Jersey Economic Development Authority
				  established by section 4 at P.L. 1974, c. 80 (N.J.S.A.
				  34:1B-4).
"Director" means the Director of the Division of Taxation in the
				  Department of the Treasury.
"Division" means the Division of Taxation in the Department of the
				  Treasury.
"Eligible program tax credit" means a tax credit or tax credit
				  transfer certificate issued under the following tax credit programs as of, or
				  subsequent to, the effective date of
				  P.L.
				  2020, c. 156 :
1. The Historic Property Reinvestment Act, sections 1 through 8 at
				  P.L.
				  2020, c. 156 (N.J.S.A. 34:1B-269 through
				  276);
2. The Brownfield Redevelopment Incentive Program Act, sections 9
				  through 19 at
				  P.L.
				  2020, c. 156 (N.J.S.A. 34:1B-277 through
				  287);
3. The New Jersey Innovation Evergreen Act, sections 20 through 34
				  at
				  P.L.
				  2020, c. 156 (N.J.S.A. 34:1B-288 through
				  302);
4. The Food Desert Relief Act, sections 35 through 42 at
				  P.L.
				  2020, c. 156 (N.J.S.A. 34:1B-303 through
				  310);
5. The New Jersey Community-Anchored Development Act, sections 43
				  through 53 at
				  P.L.
				  2020, c. 156 (N.J.S.A. 34:1B-311 through
				  321);
6. The New Jersey Aspire Program Act, sections 54 through 67 at
				  P.L.
				  2020, c. 156 (N.J.S.A. 34:1B-322 through
				  335);
7. The Emerge Program Act, sections 68 through 81 at
				  P.L.
				  2020, c. 156 (N.J.S.A. 34:1B-336 through
				  348);
8. The Grow New Jersey Assistance Program, established pursuant to
				  section 3 at
				  P.L.
				  2011, c. 149 (N.J.S.A.
				  34:1B-244);
9. The Offshore Wind Economic Development Tax Credit Program,
				  established pursuant to section 6 at
				  P.L.
				  2010, c. 57 (N.J.S.A.
				  34:1B-209.4);
10. The State Economic Redevelopment and Growth Grant Program
				  established pursuant to section 5 at
				  P.L.
				  2009, c. 90 (N.J.S.A. 52:27D-489.e);
				  and
11. The Film and Digital Media Tax Credit Program, Section 1 at
				  P.L.
				  2018, c. 56 (N.J.S.A. 54:10A-5.39.b) and
				  Section 2 at
				  P.L.
				  2018, c. 56 (N.J.S.A.
				  54A:4-12.b).
"Good faith effort" means certifying and producing documentation,
				  as part of an application submission, that a taxpayer has exhausted all reasonable
				  means to utilize or transfer a tax credit within the privilege period allowed.
				  Evidence shall include, but not be limited to, documentation outlining attempts to
				  sell a credit, as well as tax returns from relevant privilege periods or taxable
				  years.
"Partnership" means an entity classified as a partnership for
				  Federal income tax purposes, in accordance with
				  N.J.S.A. 54:10A-4(t)
				   of the New Jersey Corporation Business Tax
				  Act.
"Privilege period" means the calendar or fiscal accounting period
				  for which a tax is payable under the Corporation Business Tax Act,
				  N.J.S.A. 54:10A-5, or
				  Insurance Premiums Tax,
				  N.J.S.A.
				  54:18A-6.
"Program" means the Director's Tax Credit Purchase Program
				  established by section 89 and paragraph (4) of subsection d at
				  section
				  77 of
				  P.L.
				  2020, c. 156.
"Recapture" means recovering from a taxpayer a tax credit
				  purchase, that was purchased by the Director, due to a taxpayer's material
				  misrepresentation on an application or failure to meet other program requirements as
				  articulated in the agreement. Recapture may include interest on the recapture
				  amount, at a rate equal to the statutory rate for tax deficiencies, plus any
				  statutory penalties, and all costs incurred by the Division of Taxation in the
				  Department of the Treasury in connection with the pursuit of the recapture,
				  including, but not limited to, counsel fees, court costs, and other costs of
				  collection.
"Taxable year" means the calendar or fiscal accounting period for
				  which a tax is payable under the New Jersey Gross Income Tax Act,
				  N.J.S.A. 54A:1-1 et
				  seq.
"Taxpayer" means an individual, estate, or trust, holding or
				  possessing an eligible program tax credit and filing a tax return pursuant to the
				  New Jersey Gross Income Tax Act,
				  N.J.S.A. 54A:1-1 et seq.,
				  or an entity filing a tax return pursuant to the Corporation Business Tax, section 5
				  at P.L. 1945, c. 162 (N.J.S.A.
				  54:10A-5), or a tax return pursuant to the
				  Insurance Premium Tax, section 6 at P.L. 1945, c. 132 (N.J.S.A.
				  54:18A-6). A taxpayer shall also include a
				  partnership, limited liability corporation or partnership, a New Jersey S
				  Corporation, or any entity treated as a partnership for New Jersey tax
				  purposes.