New Jersey § 34:1b-120

§ 34:1b-120.

a. The authority shall establish a corporation business tax credit and insurance premiums

tax credit certificate transfer program to allow businesses in this State with unused

amounts of tax credits issued under P.L.1996, c. 25 ( C.34:1B-112 et seq. ), and otherwise allowable, that cannot be applied by the business to which originally

issued before the expiration of the credit, to surrender those tax credits for use

by other corporation business and insurance premiums taxpayers in this State. The tax credits may be used on the corporation business tax and insurance premiums

tax returns to be filed by those taxpayers in exchange for private financial assistance

to be provided by the corporation business taxpayer or insurance premiums taxpayer

that is the recipient of the corporation business tax credit certificate or insurance

premiums tax credit certificate to assist in the funding of costs incurred by the

relocating business. b. Businesses may apply to the executive director of the authority and the Director of the Division of Taxation for a tax credit transfer

certificate, covering one or more years. Upon receipt thereof, the business may sell or assign the tax credit certificate

in exchange for private financial assistance to be made by the purchaser in an amount

equal to at least 75% of the amount of the surrendered tax credit of a business relocating

in the State. The private financial assistance shall assist in funding expenses incurred in connection

with the operation of the business in the State, including but not limited to the

expenses of fixed assets, such as the construction and acquisition and development

of real estate, materials, start-up, tenant fit-out, working capital, salaries, research

and development expenditures and any other expenses determined by the authority to

be necessary to carry out the purposes of P.L.1996, c. 25 ( C.34:1B-112 et seq. ). c. The authority shall establish procedures to facilitate such transfers and encourage

liquidity and simplicity in the market for the purchase and sale of such certificates,

including, in the authority's discretion, coordinating the applications for surrender

and acquisition of unused but otherwise allowable tax credits pursuant to this section

in a manner that can best stimulate and encourage the extension of private financial

assistance to businesses in this State. d. The authority shall, in consultation with the Director of the Division of Taxation,

develop criteria for the approval or disapproval of applications.