N.J. Admin. Code § 19:31W-1.3

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

Section 19:31W-1.3 - Eligibility criteria

(a) A taxpayer eligible pursuant to this section may submit an application to the Authority in accordance with N.J.A.C. 19:31W-1.5 on or after August 5, 2021, the effective date of this subchapter, but prior to the earlier of 18 months following the completion date of capital investment, or July 1, 2024.

(b) The Authority shall make the determination that an applicant has met the criteria for eligibility for an award and shall determine the amount of the award. A taxpayer shall be eligible for tax credits if the Authority finds that as of the date of the taxpayer's application:

1. The taxpayer has made a capital investment in the qualified facility equal to or greater than the applicable amount set forth at (c) below with a completion date of capital investment during the privilege periods or taxable years 2020, 2021, or 2022; and

2. The taxpayer has new qualifying full-time jobs or retained qualifying full-time jobs in an amount equal to or greater than the applicable number set forth at (d) below.

(c) The minimum capital investment in a qualified facility required for eligibility under the program shall be as follows:

1. For the rehabilitation, improvement, fit-out, or retrofit of an existing premises, a minimum investment of:

i. $ 10.00 per square foot of gross leasable area for a qualified facility located in any of the southern counties; and

ii. $ 20.00 per square foot of gross leasable area for a qualified facility located in any of the northern counties.

2. For the new construction of a premises:

i. $ 100.00 per square foot of gross leasable area for qualified facilities located in any of the southern counties; and

ii. $ 120.00 per square foot of gross leasable area for qualified facilities located in any of the northern counties.

(d) The minimum number of new or retained qualifying full-time jobs required to be eligible for tax credits under the program shall be as follows:

1. For a qualified facility located in any of the southern counties, a minimum of five new or 15 retained qualifying full-time jobs; and

2. For a qualified facility located in any of the northern counties, a minimum of 10 new or 25 retained qualifying full-time jobs.

(e) The Authority shall not award tax credits under this program to a taxpayer that has previously received incentives administered by the Authority, unless the capital investment incurred and the new or retained qualifying full-time jobs identified in the taxpayer's application are separate and apart from any capital investment or jobs underlying the previous award of incentives.

N.J. Admin. Code § 19:31W-1.3

Recodified from 19:31-24.3 56 N.J.R. 807(a), effective 5/6/2024