N.J. Admin. Code § 5:47-6.1

Current through Register Vol. 57, No. 1, January 6, 2025

Section 5:47-6.1 - Business applications

(a) Any business entity seeking a certificate for neighborhood revitalization tax credits shall submit an application to the Department, which shall include the following information:

1. Whether the certificate is for the current year, or for more than one year, and if so, how many years;

2. The amount of assistance the business entity proposes to provide for each year for which it seeks a certificate, which shall be not less than $ 25,000 per year; and

3. Whether it proposes to provide the assistance to a specific project or projects; if so, it shall identify:

i. The municipality in which the project is located;

ii. The neighborhood for which the project is planned; and

iii. The nonprofit organization submitting the project;

4. Whether the business entity or any wholly owned subsidiary has previously received any certificates, and if so, the status of the assistance payments required under those certificates;

5. If the business entity or any wholly owned subsidiary has failed to provide assistance pursuant to a previous approval, a statement of reasons for the failure to provide assistance and of why the entity should not be barred from receiving an additional certificate; and

6. The type of tax or taxes for which the business entity seeks to receive credit.

N.J. Admin. Code § 5:47-6.1