N.J. Admin. Code § 19:31S-1.6

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

Section 19:31S-1.6 - Application and servicing fees

(a) A business applying for benefits under the Program shall submit a one-time non-refundable application fee. The application fee shall be, as follows:

1. For projects with a total of 150 to 299 new full-time employees listed in the application, the fee to be charged at application shall be $ 10,000; and

2. For projects with a total of 300 or more new employees listed in the application, the fee to be charged at application shall be $ 15,000.

(b) A business shall pay to the Authority, the full amount of direct costs of an analysis by a third-party retained by the Authority, if the Authority deems such retention to be necessary.

(c) A non-refundable fee shall be paid at the time of execution of the non-binding letter of intent pursuant to N.J.A.C. 19:31S-1.3(c), as follows, except that the fee shall be refunded if the Authority does not approve the tax credit:

1. For projects with a total of 150 to 299 new full-time employees proposed for consideration by the Board, the fee shall be $ 150,000; and

2. For projects with a total of 300 or more new employees proposed for consideration by the Board, the fee shall be $ 300,000.

(d) A non-refundable fee shall be paid prior to the receipt of the tax credit certificate, as follows:

1. For projects with a total of 150 to 299 new full-time employees approved by the Board, the fee shall be $ 150,000; and

2. For projects with a total of 300 or more new full-time employees approved by the Board, the fee shall be $ 300,000.

(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 and, if applicable, the duration of the commitment pursuant to N.J.A.C. 19:31S-1.3(c) to maintain the project at the qualified wind energy facility after 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, as follows:

1. For projects with a total of 150 to 299 new full-time employees approved by the Board, the annual servicing fee shall be $ 50,000 per year; and

2. For projects with a total of 300 or more new full-time employees approved by the Board, the annual servicing fee shall be $ 75,000 per year.

(f) A business applying for a tax credit transfer certificate pursuant to N.J.A.C. 19:31S-1.10 or or permission to pledge a tax credit transfer certificate purchase contract as collateral shall pay to the Authority a fee, as follows:

1. For each project with a total of 150 to 299 new full-time employees approved by the Board, the fee shall be $ 10,000, and $ 5,000 for each additional request made annually; and

2. For each project with a total of 300 or more new full-time employees approved by the Board, the fee shall be $ 15,000, and $ 7,500 for each additional request made annually.

(g) A business shall pay to the Authority a non-refundable fee for each request for any administrative changes, additions, or modifications to the tax credit; and a non-refundable fee shall be paid for any major changes, additions, or modifications to the tax credit, such as those requiring extensive staff time and Board approval, as follows:

1. For each project with a total of 150 to 299 new full-time employees approved by the Board, 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 $ 15,000 shall be paid for any major changes, additions, or modifications to the tax credit, such as those requiring extensive staff time and Board approval; and

2. For each project with a total of 300 or more new full-time employees approved by the Board, a non-refundable fee of $ 7,500 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 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 nonrefundable fee shall be paid for any subsequent six-month extension, as follows:

1. For each project with a total of 150 to 299 new full-time employees approved by the Board, the fee shall be $ 10,000 for the first six-month extension, and $ 15,000 for each subsequent six-month extension; and

2. For each project with a total of 300 or more new full-time employees approved by the Board, the fee shall be $ 15,000 for the first six-month extension, and $ 25,000 for each subsequent 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 for terminations that do not require extensive staff time and Board approval; and a non-refundable fee for terminations that require extensive staff time or Board approval, as follows:

1. For each project with a total of 150 to 299 new full-time employees approved by the Board, the fee for terminations that do not require extensive staff time and Board approval shall be $ 5,000, and $ 15,000 for terminations that require extensive staff time and Board approval; and

2. For each project with a total of 300 or more new full-time employees approved by the Board, the fee for terminations that do not require extensive staff time and Board approval shall be $ 7,500, and $ 25,000 for terminations that require extensive staff time and Board approval.

N.J. Admin. Code § 19:31S-1.6

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).
Amended by R.2021 d.131, effective 11/15/2021.
See: 53 N.J.R. 1347(a), 53 N.J.R. 1922(a).
Rewrote the section.

Recodified from 19:31-20.6 56 N.J.R. 807(a), effective 5/6/2024