N.J. Admin. Code § 18:34-1.2
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.
N.J. Admin. Code § 18:34-1.2