New Jersey § 34:1b-120

§ 34:1b-120.

a. As determined by the authority, a business which is awarded a grant of tax credits

under P.L.1996, c. 25 ( C.34:1B-112 et seq. ) shall submit annually, no later than March 1st of each year, commencing in the year

in which the grant of tax credits is issued and for the remainder of the commitment

duration, a certificate of compliance that indicates that the business continues to

maintain the number of retained full-time jobs as specified in the project agreement. Upon receipt and review thereof during the tax credit term, the authority shall

issue a certificate of compliance indicating the amount of tax credits that the business

may apply against liability pursuant to section 7 of P.L.2004, c. 65 ( C.34:1B-115.3 ). Any reduction in the number of retained full-time jobs below the number prescribed

under the terms of the project agreement shall proportionately reduce the amount of

tax credits the business may apply against liability in that tax period and the credits

that may no longer be applied for that tax period shall be forfeited. However, if in any tax period, the number of retained full-time jobs drops below

the minimum number of retained full-time jobs indicated in the paragraph of subsection

b. of section 7 of P.L.2004, c. 65 ( C.34:1B-115.3 ) pursuant to which the project agreement was executed such that the business would

no longer be eligible to apply the credits for the number of years for which it was

approved, then the authority shall reduce the amount of tax credits the business may

apply against liability and the number of years in which the business may apply the

tax credits. The grant shall be subject to recapture provisions pursuant to the project agreement. b. Following the termination of the public health emergency declared by the Governor

pursuant to Executive Order No. 103 of 2020, as extended, a business that has entered

into an incentive agreement may elect, before March 31, 2024 , to waive, for the period beginning on July 1, 2022 and ending on March 31, 2024 , the requirement that a full-time employee who is employed by the business shall

spend at least 60 percent of the employee's time at the qualified business facility;

provided, however, that a business that makes such an election shall satisfy the following

criteria: (1) any full-time employee employed by the business shall spend at least 10 percent

of the employee's time at the qualified business facility for the 2023 tax period through March 31, 2024 ; and (2) following the receipt by the business of its tax credit certificate or tax credit

transfer certificate for the 2022 tax period, the business shall make a payment of

an amount equal to five percent of the amount of tax credit the business receives

for the 2022 tax period through March 31, 2024 , which payment shall be made to the authority, and which payment the authority shall

hold and make available for the provision of loans, guarantees, equity investments,

and grants, or other forms of financing to support small business and downtown or

commercial corridor activation activities within the municipality in which the qualified

business facility is located, as may be designated by the chief executive officer

of the authority.