N.J. Admin. Code § 19:31Q-1.6
Current through Register Vol. 56, No. 12, June 17, 2024
Section 19:31Q-1.6 - Fees(a) A business applying for benefits under this program shall submit a one-time non-refundable application fee, with payment in the form of a check, payable to the "New Jersey Economic Development Authority." The application fee shall be as follows: 1. For projects with total tax credits of $ 10,000,000 or less and 100 or fewer new and retained full-time jobs, the fee to be charged at application shall be $ 1,000;2. For projects with total tax credits of $ 10,000,000 or less and more than 100 new and retained jobs, the fee to be charged at application shall be $ 2,500; and3. For projects with total tax credits in excess of $ 10,000,000, the fee to be charged at application shall be $ 5,000.(b) 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 shall be charged prior to the approval of the tax credit by the Authority as follows: 1. For each project with tax credits of $ 1,000,000 or less annually, the fee shall not exceed $ 50,000;2. For each project with tax credits of $ 1,000,000 to $ 4,000,000 annually, the fee shall not exceed $ 200,000; and3. For each project with tax credits in excess of $ 4,000,000 annually, the fee shall not exceed $ 500,000. The fee shall be refunded if the Authority does not approve the tax credit.(d) For each project with tax credits of $ 1,000,000 or less annually, a non-refundable fee of .5 percent of the tax credit, not to exceed $ 50,000, shall be paid prior to the receipt of the tax credit certificate. For each project with tax credits in excess of $ 1,000,000 annually, a non-refundable fee of .5 percent of the tax credit, not to exceed $ 500,000, shall be paid prior to the receipt of the tax credit certificate.(e) A business shall pay to the Authority an annual servicing 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 servicing fee shall be paid to the Authority by the business at the time the business submits its annual report. For each project with tax credits of $ 1,000,000 or less annually, the annual servicing fee shall be two percent of the annual tax credit amount, not to exceed $ 20,000 per year; and for each project with tax credits in excess of $ 1,000,000 annually, the annual servicing fee shall be two percent of the annual tax credit amount, not to exceed $ 75,000 per year.(f) A business applying for a tax credit transfer certificate pursuant to N.J.A.C. 19:31Q-1.13 or permission to pledge a tax credit transfer certificate purchase contract as collateral shall pay to the Authority a fee of $ 5,000 and $ 2,500 for each additional request made annually.(g) For each project with total tax credits of $ 5,000,000 or less, a non-refundable fee of $ 5,000 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 total tax credits in excess of $ 5,000,000, a non-refundable fee of $ 10,000 shall be paid for each request for any administrative changes, additions, or modifications to the tax credit; and a non-refundable fee of $ 25,000 shall be paid 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 of $ 5,000 shall be paid for each request for the first six-month extension to the date by which the business shall submit the certifications with respect to the capital investment and with respect to the employees required upon completion of the capital investment and employment requirement; and a non-refundable fee of $ 10,000 shall be paid for the second such six-month extension. (i) A business seeking to terminate an existing incentive agreement in order to participate in an incentive agreement authorized pursuant to P.L. 2013, c. 161, shall pay to the Authority an additional fee of $ 5,000 for terminations that do not require extensive staff time and Board approval; and a non-refundable fee of $ 25,000 for terminations that require extensive staff time or Board approval.N.J. Admin. Code § 19:31Q-1.6
Amended by R.2015 d.014, effective 1/20/2015.
See: 46 N.J.R. 1593(a), 47 N.J.R. 277(b).
Rewrote the section.
Amended by R.2017 d.010, effective 1/3/2017.
See: 48 N.J.R. 2031(a), 49 N.J.R. 134(a).
Rewrote (c); in (f), substituted "$ 5,000 and $ 2,500 for each additional request made annually" for "$ 2,500"; in (g), substituted "$ 5,000" for "$ 2,500" and "$ 10,000" for "$ 5,000"; and in (h), substituted "$ 5,000" for "$ 1,000" and "$ 10,000" for "$ 2,500".
Amended by R.2018 d.122, effective 6/4/2018.
See: 49 N.J.R. 3576(a), 50 N.J.R. 1374(a).
In (g), inserted "or less".
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 19:31-18.6 56 N.J.R. 807(a), effective 5/6/2024