N.J. Stat. § 54:32B-8.47a
The Division of Taxation in the Department of the Treasury shall annually review the financial records of a manufacturing facility that is eligible for a sales and use tax exemption pursuant to section 33 of P.L. 1997, c. 162(C.54:32B-8.47) as amended by section 1 of P.L. 2007, c. 94 and that is eligible for a TEFA unit rate surcharge exemption pursuant to section 67 of P.L. 1997, c. 162(C.48:2-21.34) as amended by section 2 of P.L. 2007, c. 94, in order to determine whether it is economically feasible for the State to continue to allow such manufacturing facility to receive such exemptions. Upon the completion of the review required by this section, the division shall prepare and submit a report to the Legislature containing the division's recommendation as to whether the sales and use tax exemption and TEFA unit rate surcharge exemption should be continued or whether the exemptions should be altered or repealed. The first such report shall be submitted to the Legislature within 90 days following the date of enactment of P.L. 2007, c. 94(C.48:2-21.36 et al.) and shall review the period beginning with the first day after the expiration of an off-tariff rate agreement entered into or negotiated by a manufacturing facility and extending to the last day of the month in which P.L. 2007, c. 94(C.48:2-21.36 et al.) is enacted. Thereafter, subsequent reports shall be submitted within 90 days following the expiration of each successive one-year period for the duration of the seven-year period prescribed by section 33 of P.L. 1997, c. 162(C.54:32B-8.47) and section 67 of P.L. 1997, c. 162(C.48:2-21.34) as amended respectively by sections 1 and 2 of P.L. 2007, c. 94 or until such time as the exemptions have been repealed, and such reports shall review the financial records of such a manufacturing facility for the preceding one-year period. As a condition of receiving the sales and use tax exemption and TEFA unit rate surcharge exemption, the manufacturing facility shall make its financial records available to the division and shall provide such other information as may be needed by the division to complete its review and assessment pursuant to this section.
N.J.S. § 54:32B-8.47a