New Jersey § 34:1b-115
Full text of New Jersey New Jersey Statutes § 34:1b-115, with citation guidance and answers to common questions.
§ 34:1b-115.
a. The total value of the grants of tax credits, approved by the authority pursuant
to P.L.1996, c. 25 ( C.34:1B-112 et seq. ), that may be applied against tax liability for any tax period shall not exceed an aggregate annual limit of $20,000,000. The total value of the grants of tax credits, issued pursuant to P.L.1996, c. 25 ( C.34:1B-112 et seq. ), that a single business may apply against its tax liability shall not exceed an
aggregate annual limit of $10,000,000 in a fiscal year. A tax credit issued pursuant to P.L.1996, c. 25 may be applied against liability in the single tax period in which the tax credit
or portion of the tax credit may be applied as prescribed by the project agreement
and as set forth in subsection b. of this section and shall expire thereafter. b. Subject to the limitation set forth in subsection a. of this section, grants of
tax credits shall be approved for qualifying businesses according to the following
schedule, and shall be issued upon the execution and satisfaction of the requirements
of the project agreement between the authority and the business with an approved project: (1) for a project that covers a business relocating or retaining 50 to 250 full-time
employees, a grant of tax credits shall be for the yearly tax credit amount plus any
applicable bonus award determined pursuant to section 5 of P.L.2004, c. 65 ( C.34:1B-115.1 ), and may be applied against liability in the tax period in which the tax credit
is issued; (2) for a project that covers a business relocating or retaining 251 to 400 full-time
employees, a grant of tax credits shall be for two times the yearly tax credit amount
plus any applicable bonus award determined pursuant to section 5 of P.L.2004, c. 65 ( C.34:1B-115.1 ), and may be applied against liability in the tax period in which the tax credit
is issued and the following tax period, for one-half of the total grant award per
tax period, provided that the use of the credit must be accompanied by a certificate
of compliance; (3) for a project that covers a business relocating or retaining 401 to 600 full-time
employees, a grant of tax credits shall be for three times the yearly tax credit amount
plus any applicable bonus award determined pursuant to section 5 of P.L.2004, c. 65 ( C.34:1B-115.1 ) and may be applied against liability in the tax period in which the tax credit is
issued and the following two tax periods, for one-third of the total grant award per
tax period, provided that the use of the credit must be accompanied by a certificate
of compliance; (4) for a project that covers a business relocating or retaining 601 to 800 full-time
employees, a grant of tax credits shall be for four times the yearly tax credit amount
plus any applicable bonus award determined pursuant to section 5 of P.L.2004, c. 65 ( C.34:1B-115.1 ) and may be applied against liability in the tax period in which the tax credit is
issued and the following three tax periods, for one-fourth of the total grant award
per tax period, provided that the use of the credit must be accompanied by a certificate
of compliance; (5) for a project that covers a business relocating or retaining 801 to 1,000 full-time
employees, a grant of tax credits shall be for five times the yearly tax credit amount
plus any applicable bonus award determined pursuant to section 5 of P.L.2004, c. 65 ( C.34:1B-115.1 ) and may be applied against liability in the tax period in which the tax credit is
issued and the following four tax periods for one-fifth of the total grant award per
tax period, provided that the use of the credit must be accompanied by a certificate
of compliance; and (6) for a project that covers a business relocating or retaining 1,001 or more full-time
employees, a grant of tax credits shall be for six times the yearly tax credit amount
plus any applicable bonus award determined pursuant to section 5 of P.L.2004, c. 65 ( C.34:1B-115.1 ) and may be applied against liability in the tax period in which the tax credit is
issued and the following five tax periods, for one-sixth of the total grant award
per tax period, provided that the use of the credit must be accompanied by a certificate
of compliance. c. If the approval of a grant of tax credits pursuant to this section would exceed
the $20,000,000 aggregate annual limit, the authority may award a smaller grant of
tax credits or no grants of tax credits, as necessary to comply with the aggregate
annual limit.
Source: official New Jersey text · Last verified 2026-08-27
Frequently Asked Questions About New Jersey § 34:1b-115
What does New Jersey Statutes § 34:1b-115 cover?
Section 34:1b-115 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 34:1b-115?
A common citation format is "New Jersey Statutes § 34:1b-115" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 34:1b-115 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.