N.J. Admin. Code § 18:34-1.3

Current through Register Vol. 56, No. 21, November 4, 2024

Section 18:34-1.3 - Eligibility criteria

(a) A taxpayer holding an eligible program tax credit that has made good faith efforts to utilize or transfer that credit and is unable to do so may submit an application under the Director's Tax Credit Purchase Program requesting that the Director purchase said credit. Such request must be provided at least 90 days prior to the expiration of a tax credit to be considered. An application must be submitted on or after July 15, but before August 31. A taxpayer shall only be eligible to request the purchase of one tax credit issued per program, per privilege period or taxable year in its totality, a request to sell a partial credit shall not be accepted.

(b) A taxpayer shall be eligible under the Director's Tax Credit Purchase Program if the Director finds that, as of the date of the taxpayer's application:

1. The taxpayer has made a good faith effort to utilize or transfer the tax credit in question, and such efforts can be established by certification provided by the taxpayer. A taxpayer's application for purchase may be prioritized if the expiration of the timeframe within which the credit may be utilized either directly or by transfer is less than 180 days. In no case shall the Director consider an application for purchase if the credit will expire in less than 90 days from the date the application is submitted;

2. The taxpayer is in tax compliance with the Division; and

3. The taxpayer is registered and in compliance pertaining to business registration with the Division of Revenue and Enterprise Services.

(c) The Director shall not purchase tax credits under the Program from a taxpayer, if the Director has previously purchased tax credits from the taxpayer within two years from the filing date of the taxpayer's previous application.

N.J. Admin. Code § 18:34-1.3

Adopted by 54 N.J.R. 1641(b), effective 8/15/2022