N.J. Admin. Code § 19:31U-1.6

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

Section 19:31U-1.6 - Fees

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

1. For projects with 99 or fewer new and retained full-time jobs, the fee to be charged at application shall be $ 5,000;

2. For projects with 100 to 249 new and retained full-time jobs, the fee to be charged at application shall be $ 10,000;

3. For projects with 250 or more new and retained full-time jobs, but not considered a mega project, the fee to be charged at application shall be $ 15,000; and

4. For applicants that are seeking a mega project, the fee to be charged at application shall be $ 25,000.

(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 shall be charged prior to the approval of the tax credit by the Authority as follows, except that the fee shall be refunded if the Authority does not approve the tax credit:

1. For each project with 99 or fewer new and retained full-time jobs, the fee shall be $ 10,000;

2. For each project with 100 to 249 new and retained full-time jobs, the fee shall be $ 75,000;

3. For each project with 250 or more new and retained full-time jobs, but not considered a mega project, the fee shall be $ 165,000; and

4. For each project considered a mega project, the fee shall be $ 250,000.

(d) A business shall pay to the Authority a non-refundable fee prior to the receipt of the tax credit certificate, as follows:

1. For each project with 99 or fewer new and retained full-time jobs, the fee shall be $ 10,000;

2. For each project with 100 to 249 new and retained full-time jobs, the fee shall be $ 100,000;

3. For each project with 250 or more new and retained full-time jobs, but not considered a mega project, the fee shall be $ 200,000; and

4. For each project considered a mega project, the fee shall be $ 300,000.

(e) A business shall pay to the Authority an annual servicing fee, beginning with the tax accounting or privilege period in which the Authority accepts the certification that the business has met the capital investment, employment, and other eligibility requirements of the program for the respective project, or the respective project phase, pursuant to N.J.A.C. 19:31U-1.9(f), and for the duration of the commitment period and any period of extended commitment pursuant to N.J.A.C. 19:31U-1.3(b)5iv. 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 each project with 99 or fewer new and retained full-time jobs, the annual servicing fee shall be $ 5,000;

2. For each project with 100 to 249 new and retained full-time jobs, the annual servicing fee shall be $ 25,000;

3. For each project with 250 or more new and retained full-time jobs, but not considered a mega project, the annual servicing fee shall be $ 60,000; and

4. For each project considered a mega project, the annual servicing fee shall be $ 90,000.

(f) A business applying for a tax credit transfer certificate pursuant to N.J.A.C. 19:31U-1.12 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 99 or fewer new and retained full-time jobs, the fee shall be $ 5,000, and $ 2,500 for each additional request made annually;

2. For each project with 100 to 249 new and retained full-time jobs, the fee shall be $ 10,000, and $ 5,000 for each additional request made annually;

3. For each project with 250 or more new and retained full-time jobs, but not considered a mega project, the fee shall be $ 15,000, and $ 7,500 for each additional request made annually; and

4. For each project considered a mega project, the fee shall be $ 20,000, and $ 10,000 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 99 or fewer new and retained full-time jobs, a non-refundable fee of $ 2,500 shall be paid for each request for any administrative change, addition, or modification to the tax credit; and a non-refundable fee of $ 7,500 shall be paid for any major change, addition, or modification to the tax credit, such as those requiring extensive staff time and Board approval;

2. For each project with 100 to 249 new and retained full-time jobs, 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

3. For each project with 250 or more new and retained full-time jobs, but not considered a mega project, 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; and

4. For each project considered a mega project, 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 $ 35,000 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 the first six-month extension to the date by which the business shall submit the certification with respect to the capital investment, employment, and other eligibility requirements of the program for the respective project, or the respective project phase, pursuant to N.J.A.C. 19:31U-1.9(f); and a non-refundable fee shall be paid for each subsequent extension, as follows:

1. For each project with 99 or fewer new and retained full-time jobs, the fee for the first six-month extension shall be $ 5,000, and $ 7,500 for each subsequent extension;

2. For each project with 100 to 249 new and full-time retained jobs, the fee shall be $ 10,000 for the first six-month extension and $ 15,000 for each subsequent extension;

3. For each project with 250 or more new and retained full-time jobs, but not considered a mega project, the fee shall be $ 15,000 for the first six-month extension and $ 25,000 for each subsequent extension; and

4. For each project considered a mega project, the fee shall be $ 20,000 for the first six-month extension and $ 30,000 for each subsequent extension.

(i) A business seeking to terminate an existing commitment agreement in order to participate in a commitment agreement authorized pursuant to the Emerge program shall pay, to the Authority, a non-refundable fee as follows:

1. For each project with 99 or fewer new and retained full-time jobs, the fee for a termination that does not require extensive staff time and Board approval shall be $ 2,500, and $ 7,500 for each termination that requires extensive staff time and Board approval;

2. For each project with 100 to 249 new and retained full-time jobs, the fee for a termination that does not require extensive staff time and Board approval shall be $ 5,000, and $ 15,000 for each termination that requires extensive staff time and Board approval;

3. For each project with 250 or more new and retained full-time jobs, but not considered a mega project, the fee for a termination that does not require extensive staff time and Board approval shall be $ 7,500, and $ 25,000 for each termination that requires extensive staff time and Board approval; and

4. For each project considered a mega project, the fee for a termination that does not require extensive staff time and Board approval shall be $ 10,000, and $ 35,000 for each termination that requires extensive staff time and Board approval.

N.J. Admin. Code § 19:31U-1.6

Amended by R.2022 d.058, effective 5/16/2022.
See: 54 N.J.R. 124(a), 54 N.J.R. 909(b).
Rewrote (a), (c), (d), (e), (f), (g), (h) and (i).

Recodified from 19:31-22.6 56 N.J.R. 807(a), effective 5/6/2024