New Jersey § 18a:7g-22

§ 18a:7g-22.

a. The financing authority and the development authority shall have the power to accept and use any funds appropriated and paid by the State

to the financing authority and the development authority for the purposes for which the appropriations are made. The financing authority and the development authority shall have the power to apply for and receive and accept appropriations or grants

of property, money, services or reimbursements for money previously spent and other

assistance offered or made available to it by or from any person, government agency,

public authority or any public or private entity whatever for any lawful corporate

purpose of the financing authority or the development authority , including, without limitation, grants, appropriations or reimbursements from the

federal government, and to apply and negotiate for the same upon such terms and conditions

as may be required by any person, government agency, authority or entity as the financing authority or the development authority may determine to be necessary, convenient or desirable. b. The development authority and the State Treasurer may establish a financial incentive program for the purpose of promoting donations to

school facilities projects. Any entity which makes a donation approved by the State Treasurer to the preliminary

eligible costs of a school facilities project shall receive an incentive payment pursuant

to the provisions of this subsection. The amount of the incentive payment shall equal 50% of the fair market value of

the donation but shall not in any one year exceed one-half of the amount of taxes

paid or otherwise due from the donor pursuant to the provisions of the “New Jersey

Gross Income Tax Act,” P.L.1976, c. 47 ( C.54A:1-1 et seq. ), or the “Corporation Business Tax Act,” P.L.1945, c. 162 ( C.54:10A-1 et seq. ), as applicable, for the tax year in which the donation is made. The fair market value of a non-cash donation shall be determined by the State Treasurer. The carry-forward for incentive payments shall not be inconsistent with that allowed

by P.L.1976, c. 47 ( C.54A:1-1 et seq. ) in the case of a donation by an individual, or P.L.1945, c. 162 ( C.54:10A-1 et seq. ) in the case of a donation by a corporation. All incentive payments made pursuant to this section shall be funded by and shall

be subject to annual appropriations for this purpose, and shall in no way rely upon funds raised by the issuance of bonds

for school facilities projects.