N.J. Admin. Code § 19:31N-1.2
The following words and terms, when used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise.
"Act" means the Business Retention and Relocation Assistance Act, P.L. 2004, c. 65.
"Agreement" or "project agreement" means an agreement between a business and the Authority that sets the forecasted schedule for completion and occupancy of the project, the date the commitment duration shall commence, the amount of the applicable grant of tax credits, and other such provisions which further the purposes of P.L. 1996, c. 25 (34:1B-112 et seq.), as amended by P.L. 2004, c. 65, §§1 through 16 (34:1B-112 through 123).
"Application" means the application submitted to the Authority from the seller of BRRAG tax credits, for approval of the BRRAG tax credit transfer certificate.
"Authority" means the New Jersey Economic Development Authority established under section 4 of P.L. 1974, c. 80 (34:1B-4 ).
"Board" means the Board of the New Jersey Economic Development Authority.
"BRRAG program" means the tax credit grant program created pursuant to P.L. 1996, c. 25, as substantially amended by P.L. 2004, c. 65 §§1 through 16 (34:1B-112 through 123), and provided in N.J.A.C. 12A:2-1.
"BRRAG tax credit certificate transfer program" or "Program" means the Business Retention and Relocation Assistance Grant Tax Credit Transfer Program created pursuant to section 17 of the Act (34:1B-120.2 ).
"Business" means an employer located in this State that has operated continuously in the State, in whole or in part, in its current form or as a predecessor entity for at least 10 years prior to filing an application to the program and which is subject to the provisions of 43:21-1 et seq. and may include a sole proprietorship, a partnership, or a corporation that has made an election under Subchapter S of Chapter One of Subtitle A of the Internal Revenue Code of 1986, or any other business entity through which income flows as a distributive share to its owners, limited liability company, nonprofit corporation, or any other form of business organization located either within or outside the State, such as a group of organizations under common control as defined in Section 414(b) or (c) of the Internal Revenue Code of 1986 and Federal Treasury regulations thereunder. For purposes of identifying full-time employees in eligible positions and retained State tax revenue, any such employees hired by or taxes paid by a professional employer organization (PEO) with which the business has entered into an employee leasing agreement shall be allocable to the business.
"Business retention or relocation grant of tax credits" or "grant of tax credits" means a grant which consists of the value of corporation business tax credits against the liability imposed pursuant to section 5 of P.L. 1945, c.162 (54:10A-5 ) or credits against the taxes imposed on insurers pursuant to P.L. 1945, c.132 (54:18A-1 et seq.), section 1 of P.L. 1950, c.231 (N.J.A.C. 17:32-15 ), and 17B:23-5, provided to fund a portion of retention and relocation costs pursuant to P.L. 1996, c. 25 (34:1B-112 et seq.), as amended by P.L. 2004, c. 65, and pursuant to N.J.A.C. 12A:2-1.
"Business retention or relocation tax credit" or "BRRAG tax credit" means the tax credit that a business obtains through the BRRAG program.
"Buying business," means a business with the financial ability to purchase the unused BRRAG tax credits from an unaffiliated selling business. For the purpose of this definition, the test of affiliation is whether the same entity directly or indirectly owns or controls five percent or more of the voting rights or five percent or more of the value of all classes of stock of both the selling and buying businesses.
"Certificate" or "BRRAG tax credit transfer certificate" means the certificate issued by the Division of Taxation certifying to the selling business amounts of unused BRRAG tax credit. The certificates are issued in the form of corporation business tax credit and insurance premiums tax credit transfer certificates.
"Chief Executive Officer" means the Chief Executive Officer of the New Jersey Economic Development Authority.
"Director" means the Director of the Division of Taxation in the Department of the Treasury.
"New business location" means the premises that the business has either purchased or built or for which the business has entered into a purchase agreement or a written lease for a period of no less than eight years from the date of relocation. A new business location may also include the premises from which the business moves on a temporary basis due to the rehabilitation of permanent premises that also qualifies as reconstruction as "reconstruction" is defined in the Uniform Construction Code, 5:23-6.3. In that case, the move to the permanent premises will trigger availability of the grant of tax credits.
"Private financial assistance" means the assistance that the buying business provides the selling business to assist in the funding of costs incurred by the relocating business.
"Project" means the construction, renovation or expansion of facilities at the approved site as described in the project description in the application and the agreement that will become the business's new business location.
"Selling business" means a business that has unused BRRAG tax credits issued under P.L. 1996, c. 25 (34:1B-112 et seq.), as amended by P.L. 2004, c. 65, and otherwise allowable which it wishes to "sell."
"Total allowable relocation costs" means $ 1,500 times the number of retained full-time jobs. "Total allowable relocation costs" does not include the amount of any bonus award authorized pursuant to section 5 of P.L. 2004, c. 65 (34:1B-115.1 ).
N.J. Admin. Code § 19:31N-1.2
See: 39 N.J.R. 4385(a), 40 N.J.R. 1355(a).
In definition "Business", substituted ", such as a group of organizations under common control as defined in Section 414(b) or (c) of the Internal Revenue Code of 1986 and Federal Treasury regulations thereunder. For" for "for".
Recodified from N.J.A.C. 12A:2A-1.2 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 definitions "Agreement" and "Application", substituted "Authority" for "Commission"; added definitions "Authority", "Board" and "Chief Executive Officer"; and deleted definitions "Board of Directors", "Commission" and "Secretary".