N.J. Admin. Code § 19:31S-1.4
Current through Register Vol. 56, No. 12, June 17, 2024
Section 19:31S-1.4 - Restrictions(a) A business shall not be awarded offshore wind economic development tax credits if: 1. The business participates in a Business Employment Incentive Program grant pursuant to P.L. 1996, c. 26 (N.J.S.A. 34:1B-124 et seq.) relating to the same capital and employees that qualify the business for the Program; or2. The business receives assistance pursuant to the "Business Retention and Relocation Assistance Act," P.L. 1996, c. 25 (N.J.S.A. 34:1B-112 et seq.).(b) A business that is awarded a tax credit pursuant to the Program shall not be eligible for incentives authorized pursuant to the "Municipal Rehabilitation and Economic Recovery Act," P.L. 2002, c. 43 (N.J.S.A. 52:27BBB-1 et seq.).(c) Capital investments in a qualified wind energy facility must be incurred after the effective date of P.L. 2010, c. 57, which is August 19, 2010, but prior to its submission of documentation pursuant to N.J.A.C. 19:31S-1.7(f).(d) If a business participating in a Business Employment Incentive Program grant for the same capital investment, employees, and site or receiving assistance from the Business Retention and Relocation Assistance Grant Program, or incentives authorized by the Municipal Rehabilitation and Economic Recovery Act, seeks to qualify for offshore wind economic development tax credits, it shall first repay and terminate assistance pursuant to the rules governing the Business Employment Incentive Program, Business Retention and Relocation Assistance Grant Program, or Municipal Rehabilitation and Economic Recovery Act, as applicable.N.J. Admin. Code § 19:31S-1.4
Amended by R.2021 d.131, effective 11/15/2021.
See: 53 N.J.R. 1347(a), 53 N.J.R. 1922(a).
In the introductory paragraph of (a) and (b), substituted "awarded" for "allowed".Recodified from 19:31-20.4 56 N.J.R. 807(a), effective 5/6/2024