N.J. Admin. Code § 19:31M-1.11

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

Section 19:31M-1.11 - Tax credit applicable; when effective; when adjusted

(a) A tax credit issued pursuant to this program may be applied solely against liability in the tax period(s) and in the State fiscal year(s) prescribed in the project agreement and in the manner set forth at N.J.A.C. 19:31M-1.8(a) and shall expire thereafter.

(b) By the date indicated in the project agreement, the applicant shall submit a certification to the Chief Executive Officer that it has relocated the retained employees. To the extent that the number of employees is less than the number indicated on its application but remains 50 or more, the award of tax credits shall be adjusted accordingly and the project agreement shall be amended to so reflect the reduction pursuant to N.J.A.C. 19:31M-1.13(b).

(c) The total value of the grants of tax credits approved by the Authority pursuant to this program that may be applied against tax liability for any tax period shall not exceed an aggregate annual limit of $ 20,000,000. If the approval of a grant of tax credits pursuant to N.J.A.C. 19:31M-1.8(a) would exceed the $ 20,000,000 aggregate annual limit, the Authority may award a smaller grant of tax credits, no grants of tax credits or may assign credits to be issued in subsequent years, as necessary to comply with the aggregate limit.

(d) The total value of the grants of tax credits, issued pursuant this program, that a single business may apply against its tax liability shall not exceed an aggregate annual limit of $ 10,000,000 in a fiscal year. A tax credit issued pursuant to this program may be applied against liability in the single tax period in which the tax credit or portion of the tax credit may be applied as prescribed in the project agreement and as set forth at N.J.A.C. 19:31M-1.8(a) and shall expire thereafter.

N.J. Admin. Code § 19:31M-1.11

Amended by R.2006 d.322, effective 9/5/2006.
See: 37 N.J.R. 4176(a), 38 N.J.R. 3618(a).
Section was "Tax credit applicable; when effective; when reduced". In (c), substituted "500 or more" for "over 500"; and in (e), substituted "(c)" for "(c) or (d)" preceding "above in a fiscal year", and substituted "(d)" for "(c) or (d)" preceding "above, exceeds".
Recodified from N.J.A.C. 12A:2-1.11 and amended by R.2010 d.231, effective 10/18/2010.
See: 42 N.J.R. 1495(b), 42 N.J.R. 2436(a).
In (b), (c) and (e), substituted "Chief Executive Officer" for "Secretary" throughout; in (d), substituted "50" for "250"; and in (e), updated the N.J.A.C. reference.
Amended by R.2011 d.208, effective 8/1/2011.
See: 43 N.J.R. 1192(a), 43 N.J.R. 1900(a).
Rewrote the section.
Amended by R.2012 d.118, effective 6/18/2012.
See: 44 N.J.R. 434(a), 44 N.J.R. 1784(c).
In (c), substituted "for any tax period" for "in a fiscal year".

Recodified from 19:31-14.11 56 N.J.R. 807(a), effective 5/6/2024