N.J. Admin. Code § 19:31R-1.4

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

Section 19:31R-1.4 - Application submission requirements

(a) An investor shall submit an application to the Authority; the Authority shall conduct a review of the applications commencing with the completed application bearing the earliest completion date.

(b) A completed application shall include, but not be limited to, the following:

1. Investor information, which shall include the following:

i. At the time of the qualified investment:

(1) The name, address, and Federal tax identification number or Social Security number, as applicable;

(2) The total amount of the qualified investment, including for qualified investments in a qualified venture fund, the total amount of the irrevocable contractual commitment, and amount of requested tax credit;

(3) A description of the qualified investment;

(4) Evidence of qualified investment, including the executed document demonstrating that the qualified investment was made, as required in N.J.A.C. 19:31R-1.3(d);

(5) A list of all officers, directors, owners, and/or trustees;

(6) A list of 100 percent of ownership of the investor by percentage or if a publicly traded company, the 10 percent or greater officers, directors, or owners; and

(7) The Federal tax identification number or Social Security number as applicable, for all owners of the investor; and

ii. At the time of application, submission of a tax clearance certificate, pursuant to P.L. 2007, c. 101;

2. New Jersey emerging technology business information, which shall include:

i. At the time of the qualified investment:

(1) The name, address, and Federal tax identification number; and

(2) A list of 100 percent of ownership of the business by percentage;

ii. At the time of the qualified investment and at the time of application, except that applications for qualified investments in New Jersey emerging technology business holding companies made before May 1, 2017, shall provide the following information as of the time of the qualified investment and at the earliest of six months after the verified transfer of funds or the time of application:

(1) A description of the business, which demonstrates that such business meets the definition of New Jersey emerging technology business;

(2) A list of all employees filling a position in New Jersey, whether any employee is related, as defined at Section 152(d)(2) of the Internal Revenue Code, to any other employee, shareholder, or investor, if so known, and either:

(A) Copies of the most recent year's Federal and New Jersey W-3 forms for the business and all entities other than the investor with control over the business or in the same controlled group as the business; or

(B) Documentation from a professional employer organization or any other entity providing common law employees summarizing W-2 forms issued for full-time employees on behalf of the business, and all entities other than the investor with control over the business or in the same controlled group as the business, for the calendar year prior to the year in which the company files its application and at the time of the application; and iii. At the time of application, submission of a tax clearance certificate, pursuant to P.L. 2007, c. 101 (N.J.S.A. 54:50-39);

3. New Jersey emerging technology business holding company information, if applicable, which shall include:

i. At the time of the qualified investment:

(1) The name, address, and Federal tax identification number; and

(2) A list of 100 percent of ownership of the holding company by percentage;

ii. At the time of the verified transfer of funds, evidence of the verified transfer of funds, including the documentation demonstrating that the verified transfer of funds was made, as required at N.J.A.C. 19:31R-1.3(e), which shall include bank statements from the New Jersey emerging technology business holding company showing the funds flow from holding company to emerging technology company; and

iii. At the time of application:

(1) Submission of a tax clearance certificate, pursuant to P.L. 2007, c. 101 (N.J.S.A. 54:50-39); and

(2) Certification from the chief executive officer of the New Jersey emerging technology business holding company that the verified transfer of funds is a permanent transfer of cash to the New Jersey emerging technology business; and

4. Venture fund information, if applicable, that shall include:

i. At the time of the qualified investment:

(1) The name, address, and Federal tax identification number;

(2) A list of 100 percent of the venture fund commitment amounts;

(3) The executed contract, and any supporting evidence, demonstrating that the irrevocable contractual commitment was made, as required at N.J.A.C. 19:31R-1.3(d); and

(4) Certification from the chief executive officer or general partner of the qualified venture fund that the contract contains an irrevocable contractual commitment to the transfer of cash to the qualified venture fund; and

ii. At the time of application, submission of a tax clearance certificate, pursuant to P.L. 2007, c. 101 (N.J.S.A. 54:50-39); and

5. Any other supplemental information required by the Authority to decide on the approval of the application or required by the Division of Taxation to administer the credit.

N.J. Admin. Code § 19:31R-1.4

Amended by R.2017 d.010, effective 1/3/2017.
See: 48 N.J.R. 2031(a), 49 N.J.R. 134(a).
In (b)2ii(2)(B), inserted "or any other entity providing common law employees".
Amended by R.2018 d.122, effective 6/4/2018.
See: 49 N.J.R. 3576(a), 50 N.J.R. 1374(a).
Rewrote (b)2ii; in (b)2iii, deleted "and" from the end; added new (b)3; and recodified former (b)3 as (b)4.
Amended by R.2021 d.139, effective 12/6/2021.
See: 53 N.J.R. 1481(a), 53 N.J.R. 2072(c).
In (b)1i(2), inserted ", including for qualified investments in a qualified venture fund, the total amount of the irrevocable contractual commitment,"; added new (b)4; and recodified former (b)4 as (b)5.

Recodified from 19:31-19.4 56 N.J.R. 807(a), effective 5/6/2024