New Jersey § 34:1b-114

§ 34:1b-114.

a. The Business Retention and Relocation Assistance Grant Program is hereby established

as a program under the jurisdiction of the New Jersey Economic Development Authority

and shall be administered by the authority. The purpose of the program is to encourage economic development and job creation

and to preserve jobs that currently exist in New Jersey but which are in danger of

being relocated to premises outside of the State. To implement that purpose, and to the extent that funding for the program is available,

the program may provide grants of tax credits. To be eligible for any grant of tax credits pursuant to P.L.1996, c. 25 ( C.34:1B-112 et seq. ), a business shall demonstrate to the authority, at the time of application, that

the grant of tax credits and resultant retention of full-time jobs and any capital

investment will yield a net positive benefit to the State. The net benefit resulting from the retention of full-time jobs and any capital investment

by a business that has had grant pre-application meetings with the authority and has

executed contracts relating to the new business location during the period commencing

May 1, 2010 until the enactment of P.L.2010, c. 123, shall be calculated from the date of the initial grant pre-application meeting. b. (1) If an application under P.L.1996, c. 25 ( C.34:1B-112 et seq. ) has been received by the authority prior to the effective date of the “New Jersey

Economic Opportunity Act of 2013,” P.L.2013, c. 161 ( C.52:27D-489p et al.), then, to the extent that there remains sufficient financial authorization

for the grant of tax credits, the authority is authorized to consider the application

and to make a grant of tax credits to an eligible applicant, provided that the authority

shall take final action on that grant of tax credits no later than December 31, 2013. (2) A business shall apply for a grant of tax credits under the Business Retention

and Relocation Assistance Grant Program prior to the effective date of the “New Jersey

Economic Opportunity Act of 2013,” P.L.2013, c. 161 ( C.52:27D-489p et al.), and shall submit its documentation for approval of a grant of tax credits

no later than 90 calendar days after the effective date of the “New Jersey Economic

Opportunity Act of 2013,” P.L.2013, c. 161 ( C.52:27D-489p et al.). (3) If a business has submitted an application under P.L.1996, c. 25 ( C.34:1B-112 et seq. ) and that application has not been approved for any reason, the lack of approval

shall not serve to prejudice in any way the consideration of a new application as

may be submitted by a business for the provision of incentives offered pursuant to

the “New Jersey Economic Opportunity Act of 2013,” P.L.2013, c. 161 ( C.52:27D-489p et al.).