N.J. Admin. Code § 19:31W-1.9

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

Section 19:31W-1.9 - Annual compliance certificate; compliance

(a) For each year of the commitment period, not later than 120 days following the end of the business's tax privilege period beginning with the year in which the capital investment was certified, the taxpayer shall provide the Authority with its annual compliance certificate in a form satisfactory to the Authority. The annual compliance certificate shall include, but shall not be limited to:

1. A certification by the taxpayer, if an individual, or the owner or chief executive officer or equivalent officer for North American operations of the taxpayer, if not an individual, under the penalty of perjury, that the taxpayer has met its commitment to maintain the new qualifying full-time jobs that were used in calculating the awarded tax credits under the program. New qualifying full-time jobs for a year shall be determined as the average of the monthly new qualifying full-time jobs for the period.

2. For the purposes of the annual reports required pursuant to (a)1 above, if a taxpayer has received an award for both new and retained qualifying full-time jobs, the taxpayer shall meet the employment requirements related to the retained qualifying full-time jobs before receiving tax credits for the new qualifying full-time jobs.

3. To the extent a retained qualifying full-time job that was the basis of an award no longer exists, the taxpayer shall include as a retained qualifying full-time job, a new qualifying full-time job that is filled by a new hire, provided that the position is included in the order of date of hire and is not the basis for any other incentive award.

4. A certification by the taxpayer, if an individual, or the owner or chief executive officer or equivalent officer for North American operations of the taxpayer, if not an individual, under penalty of perjury, indicating whether or not the taxpayer is aware of any condition, event, or act, which would cause the business not to be in compliance with the approval, the Act, or the approval letter.

(b) In the event a taxpayer fails to retain during the commitment period, the number of new qualifying full-time jobs for which tax credits were awarded, and such failure continues for two years, the Authority may recapture, at its sole discretion, all or a portion of the tax credits awarded. In determining the amount to recapture, the Authority shall recognize the period of time the taxpayer has been in compliance and the number of new qualifying full-time jobs that the taxpayer has maintained.

(c) Failure to submit the annual compliance certificate by the dates established at (a) above shall result in a recapture of the awarded tax credits in accordance with the provisions at (b) above.

(d) In the event that any certification required from the taxpayer, including, but not limited to, the certification required pursuant to (a) above, is found to be willfully false or that the taxpayer submitted false or misleading information or failed to submit relevant information in the application or any other submission to the Authority or the Division of Taxation, the Authority may, at its sole discretion, and, in addition to, any other remedies available, revoke any award of tax credits in their entirety and may require repayment of all tax credits received by the taxpayer.

N.J. Admin. Code § 19:31W-1.9

Recodified from 19:31-24.9 56 N.J.R. 807(a), effective 5/6/2024