Statutes, codes, and regulations
New Jersey Administrative Code
Title 19 - OTHER AGENCIESNEW JERSEY ECONOMIC DEVELOPMENT AUTHORITYChapter 31S - OFFSHORE WIND ECONOMIC DEVELOPMENT TAX CREDIT PROGRAM
Subchapter 1 - OFFSHORE WIND ECONOMIC DEVELOPMENT TAX CREDIT PROGRAM
Section 19:31S-1.14 - Annual review reporting requirements; letter of compliance

N.J. Admin. Code § 19:31S-1.14

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Current through Register Vol. 56, No. 12, June 17, 2024
Section 19:31S-1.14 - Annual review reporting requirements; letter of compliance
(a) After notification pursuant to N.J.A.C. 19:31S-1.7(g), the business shall furnish to the Authority an annual review report in a format as may be determined by the Authority, which shall contain the following information:
1. A certification, which shall be made pursuant to an agreed upon procedures letter acceptable to the Authority, of a qualified independent certified public accountant, which shall be qualified by the Authority pursuant to N.J.A.C. 19:31S-1.7(f)4. The certification shall state the number of full-time employees and new full-time employees employed at the qualified wind energy facility or through an equipment supply coordination agreement, a copy of all equipment supply coordination agreements through which the business is meeting employment requirements under the Program, the salary of all new full-time employees, the number in the business's Statewide employment, total lease payments, the list of affiliates that contributed to the full-time employees at the qualified wind energy facility, the number of full-time employees in New Jersey in the last tax period prior to the credit amount approval of any affiliate that contributed to the full-time employees and was not listed in the application, and information on any change or anticipated change in the identity of the entities comprising the business elected to claim all or a portion of the credit. To include a new full-time employee employed through an equipment supply coordination agreement, the business shall submit a certification from the company that is the other party to the equipment supply coordination agreement stating that its employees may be included by the business to meet the requirements of the Program, the number of new full-time employees employed through equipment supply coordination agreement, the number of hours worked by such employees pursuant to the equipment supply coordination agreement, and the salary of such employees. In the event the number of new full-time employees at the qualified wind energy facility or resulting from an equipment supply coordination agreement or salaries of these jobs in the annual review report is reduced below 10 percent or more of the number of new full-time employees or salaries in the annual review report of the prior year or the certification pursuant to N.J.A.C. 19:31S-1.7(f) if the annual review report is the first, the Authority may reevaluate the net positive economic benefit and reduce the size of the award accordingly. If, in a tax period subsequent to a reduction in the size of the grant the business increases the number of new full-time employees at the qualified wind energy facility or resulting from an equipment supply coordination agreement or salaries of these jobs in the annual review report above 10 percent or more of the number of new full-time employees or salaries in the annual review report of the prior year, the Authority may reevaluate the net positive economic benefit and increase the size of the award accordingly, but in no event shall the amount of tax credit that the business may take in a tax period be greater than one-fifth of the total tax credit amount approved by the Authority. This reduction shall not affect any forfeiture pursuant to N.J.A.C. 19:31S-1.12.
2. A certification indicating whether or not the business is aware of any condition, event, or act that would cause the business not to be in compliance with the approval letter, P.L. 2007, c. 346, or this subchapter.
(b) Failure to submit its annual report within 120 days after the end of the business's tax privilege period or submission of the annual report without the information required above, shall result in forfeiture of any annual tax credits to be received by the business unless the Authority determines in its sole discretion that there are extenuating circumstances excusing the business from the timely filing required.
(c) The approval letter may provide for additional reporting requirements.
(d) In conducting its annual review, the Authority shall require a business to submit any information determined by the Authority to be necessary and relevant to its review and may require an audit of payroll and employment records.
(e) Annually, upon satisfactory review of all information submitted, the Authority will issue a letter of compliance. No tax credit certificate shall be valid without the letter of compliance issued for the relevant tax privilege period. The letter of compliance shall indicate whether the business may take all or a portion of the credits allocable to the tax privilege period.

N.J. Admin. Code § 19:31S-1.14

Amended by R.2021 d.131, effective 11/15/2021.
See: 53 N.J.R. 1347(a), 53 N.J.R. 1922(a).
In (a), deleted "certified by a certified public accountant" following "report", rewrote (a)1; in (a)2, inserted "letter" and a comma following "346"; and in (c), substituted "approval letter" for "tax credit certificate".
Recodified from 19:31-20.14 56 N.J.R. 807(a), effective 5/6/2024