N.J. Admin. Code § 19:31N-1.1

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

Section 19:31N-1.1 - Applicability and scope

(a) The rules in this chapter are promulgated by the New Jersey Economic Development Authority to implement P.L. 1996, c. 25, as substantially amended at P.L. 2004, c. 65 (the Act), and specifically section 17 of the Act (N.J.S.A. 34:1B-120.2). The Act provides several incentive programs aimed at retaining in New Jersey the full-time jobs of businesses already active in this State. The Act established a business retention and relocation assistance grant program, a tax credit certificate transfer program (the "BRRAG Tax Credit Certificate Transfer Program" or "Program"), a sales and use tax exemption program, and an energy sales tax exemption program (for businesses located in New Jersey urban enterprise zones).

(b) The purpose of the BRRAG Tax Credit Certificate Transfer Program is to allow businesses in this State with unused amounts of BRRAG tax credit to surrender those tax credits to other corporations desiring such credits which in exchange will provide private financial assistance to assist in the funding of costs incurred by the relocating business. A BRRAG tax credit may be applied against liability arising in the tax period in which the tax credit is issued and the tax period next following, and shall expire thereafter. However, it is possible that unused credits that remain stranded in the allowable periods may be utilized in the event of future additional liability, like an audit assessment. Therefore, eligibility for this program will require the business to certify that, to the best of its knowledge, it cannot use the tax credits originally issued for the tax periods in which the credits are allowable.

Recodified from N.J.A.C. 12A:2A-1.1 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 (a), substituted "Economic Development Authority" for "Commerce, Economic Growth and Tourism Commission (the 'Commission')" and deleted the last two sentences; and in (b), inserted "BRRAG Tax Credit Certificate Transfer".

Recodified from 19:31-15.1 56 N.J.R. 807(a), effective 5/6/2024