N.J. Admin. Code § 19:31H-1.6
Current through Register Vol. 56, No. 12, June 17, 2024
Section 19:31H-1.6 - Application and servicing fees(a) A business applying for benefits under this program shall submit the following one-time non-refundable application fee, with payment in the form of a check, payable to the "New Jersey Economic Development Authority": 1. If a business is an owner of the proposed qualified business facility, the application fee is $ 5,000;2. If a business is a tenant of the proposed qualified business facility wherein the owner has not made application for the approval of tax credits, the application fee is $ 5,000; or3. If a business is a developer of the proposed qualified business facility, the application fee of $ 5,000.(b) For a qualified business facility, 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 percent of the approved tax credit, not to exceed $ 300,000, shall be charged by the Authority upon the approval of the tax credit.(d) A non-refundable fee of .5 percent of the tax credit, not to exceed $ 300,000, shall be paid prior to the receipt of the tax credit certificate.(e) A business shall pay to the Authority an annual review fee, beginning the tax accounting or privilege period in which the Authority accepts the certification that the business has met the capital investment and employment qualifications, and for the duration of the eligibility period. The annual review fee shall be paid to the Authority by the business at the time the business submits its annual letter of compliance. The annual review fee shall be $ 2,500 per year.(f) A business applying for a tax credit transfer certificate pursuant to N.J.A.C. 19:31H-1.10 shall pay to the Authority a fee of $ 2,500.(g) For each project with approved tax credits of $ 5,000,000 or less, a non-refundable fee of $ 2,500 shall be paid for each request for any administrative changes, additions, or modifications to the tax credit; and a non-refundable fee of $ 7,500 shall be paid for any major changes, additions, or modifications to the tax credit, such as those requiring extensive staff time and Board approval. For each project with approved tax credits in excess of $ 5,000,000, a non-refundable fee of $ 5,000 shall be paid for each request for any administrative changes, additions, or modifications to the grant; and a non-refundable fee of $ 25,000 shall be paid for any major changes, additions, or modifications to the grant, such as those requiring extensive staff time and Board approval.N.J. Admin. Code § 19:31H-1.6
Amended by R.2010 d.177, effective 8/16/2010.
See: 42 N.J.R. 907(a), 42 N.J.R. 1902(a).
In (a)2, inserted "wherein the owner has not made application for the approval of tax credits" and substituted "$ 5,000" for "$ 2,500"; added new (b); added (c), (d) and (f); recodified former (b) as (e); and rewrote (e).
Amended by R.2011 d.243, effective 10/3/2011.
See: 43 N.J.R. 1415(a), 43 N.J.R. 2622(a).
In (c) and (d), substituted "non-refundable" for "non-fundable".
Amended by R.2015 d.014, effective 1/20/2015.
See: 46 N.J.R. 1593(a), 47 N.J.R. 277(b).
Added (g).
Amended by R.2020 d.122, effective 11/16/2020.
See: 52 N.J.R. 1612(a), 52 N.J.R. 2064(a).
Rewrote (b).Recodified from 19:31-9.6 56 N.J.R. 807(a), effective 5/6/2024