N.J. Admin. Code § 19:31W-1.8

Current through Register Vol. 56, No. 21, November 4, 2024

Section 19:31W-1.8 - Approval letter

(a) The Board's award of the credit will be subject to conditions in the approval letter that the taxpayer must satisfy to remain in compliance with the program.

(b) The terms of the approval letter shall include, but shall not be limited to, the following:

1. A detailed description of the project that has resulted in job creation or retention, and the number of new and retained qualifying full-time jobs that are approved for tax credits;

2. The taxable year or privilege period of the tax credits;

3. The dates of the commitment period, a requirement that the taxpayer maintain the new qualified full-time jobs for such period, and a provision allowing the Authority to recapture all or part of any tax credits awarded, at its discretion, if the taxpayer does not remain in compliance with this provision;

4. A method for the taxpayer to report annually as required pursuant to N.J.A.C. 19:31W-1.9;

5. A provision permitting an audit of the payroll records of the taxpayer and any other evidence and documentation supporting the applications and certifications made pursuant to the requirements of the program;

6. A provision establishing the conditions under which the Authority, the taxpayer, or both, may terminate compliance with the requirements of the program;

7. An agreement by the taxpayer that the statute of limitations for the collection and assessment of corporation business tax or gross income tax, as applicable, will be extended to the period of the commitment period;

8. A requirement that the taxpayer indemnify and insure the Authority and the State;

9. Default and remedies, including, but not limited to, a default if a taxpayer made a material misrepresentation on its application; and

10. A provision requiring that the Authority's prevailing wage requirements, P.L. 2007, c. 245 (N.J.S.A. 34:1B-5.1), and affirmative action requirements, P.L. 1979, c. 303 (N.J.S.A. 34:1B-5.4), apply for two years after the tax credit certificate is issued.

N.J. Admin. Code § 19:31W-1.8

Recodified from 19:31-24.8 56 N.J.R. 807(a), effective 5/6/2024