N.J. Admin. Code § 19:31AA-1.5

Current through Register Vol. 56, No. 12, June 17, 2024

Section 19:31AA-1.5 - Fees

(a) An applicant applying for benefits pursuant to this Program shall submit a one-time non-refundable application fee. The application fee shall be as follows:

1. For a financing gap tax credit with a project cost of less than $ 10 million, the fee shall be $ 2,500. For other financing gap tax credit projects, the fee shall be $ 10,000.

2. For an initial operating cost tax credit with average annual total sales over the eligibility period and the commitment period of less than $ 20 million, the fee shall be $ 2,500. For other initial operating cost tax credit projects, the fee shall be $ 5,000.

(b) An applicant 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) The applicant shall pay to the Authority a non-refundable fee prior to the approval of the tax credit by the Authority as follows, except that the fee shall be refunded, if the Authority does not approve the tax credit:

1. For a financing gap tax credit with a project cost of less than $ 10 million, the fee shall be $ 5,000. For other financing gap tax credit projects, the fee shall be $ 15,000.

2. For an initial operating cost tax credit with average annual total sales over the eligibility period and the commitment period of less than $ 20 million, the fee shall be $ 5,000. For other initial operating cost tax credit projects, the fee shall be $ 10,000.

(d) The applicant shall pay, to the Authority, a non-refundable fee prior to the receipt of the tax credit certificate. The fee shall be as follows:

1. For a financing gap tax credit with a project cost of less than $ 10 million, the fee shall be $ 5,000. For other financing gap tax credit projects, the fee shall be $ 15,000.

(e) An applicant shall pay to the Authority an annual servicing fee, beginning with the tax accounting or privilege period in which the Authority accepts the certification that the applicant has met the eligibility requirements of the program for the respective project, and for the duration of the eligibility period and the commitment period. The annual servicing fee shall be paid to the Authority by the applicant at the time the applicant submits its annual report, as follows:

1. For a financing gap tax credit with a project cost of less than $ 10 million, the fee shall be $ 2,500. For other financing gap tax credit projects, the fee shall be $ 10,000.

2. For an initial operating cost tax credit with annual total sales in the tax accounting or privilege period of less than $ 20 million, the fee shall be $ 2,500. For other initial operating cost tax credit projects, the fee shall be $ 5,000.

(f) An applicant applying for a tax credit transfer certificate, permission to pledge a tax credit transfer certificate purchase contract as collateral, or to pledge, assign, transfer, or sell any or all of its right, title, and interest in, and to, an incentive award agreement and in the incentive awards payable thereunder shall pay to the Authority a fee, as follows:

1. For a financing gap tax credit with a project cost of less than $ 10 million, the fee shall be $ 5,000. For other financing gap tax credit projects, the fee shall be $ 15,000.

(g) An applicant shall pay to the Authority a non-refundable fee for each request for any administrative changes, additions, or modifications to the tax credit as follows:

1. For a financing gap tax credit with a project cost of less than $ 10 million, the fee shall be $ 2,000 for each request for any minor administrative changes, additions, or modifications to the tax credit, and $ 5,000 for any major changes, additions, or modifications to the tax credit, such as those requiring extensive staff time and Board approval. For other financing gap tax credit projects, the fee shall be $ 5,000 for each request for any minor administrative changes, additions, or modifications to the tax credit and $ 15,000 for any major changes, additions, or modifications to the tax credit, such as those requiring extensive staff time and Board approval.

2. For an initial operating cost tax credit with average annual total sales over the eligibility period and the commitment period of less than $ 20 million, the fee shall be $ 2,500 for each request for any minor administrative changes, additions, or modifications to the tax credit, and $ 5,000 for any major changes, additions, or modifications to the tax credit, such as those requiring extensive staff time and Board approval. For other initial operating cost tax credit projects, the fee shall be $ 5,000 for each request for any minor administrative changes, additions, or modifications to the tax credit, and $ 10,000 for any major changes, additions, or modifications to the tax credit, such as those requiring extensive staff time and Board approval.

(h) A non-refundable fee shall be paid for six-month extensions to the date by which the applicant shall complete the project pursuant to N.J.A.C. 19:31AA-1.3(a)8 and submit the satisfactory evidence with respect to the eligibility requirements of the program pursuant to N.J.A.C. 19:31AA-1.9(f), as follows:

1. For a financing gap tax credit with a project cost of less than $ 10 million, the fee shall be $ 2,000. For other financing gap tax credit projects, the fee shall be $ 7,500.

2. For an initial operating cost tax credit with average annual total sales over the eligibility period and the commitment period of less than $ 20 million, the fee shall be $ 2,000. For other initial operating cost tax credit projects, the fee shall be $ 4,000.

N.J. Admin. Code § 19:31AA-1.5

Recodified from 19:31-28.5 56 N.J.R. 807(a), effective 5/6/2024