New Jersey § 34:1b-130

§ 34:1b-130.

The business employment incentive agreement shall include, but shall not be limited

to, the following: a. A detailed description of the proposed project which will result in job creation,

and the number of new employees to be hired in the base years; b. The term of the grant, and the first year for which the grant may be claimed; c. The new employees whose positions are subjects of the grant, pursuant to subsection

c. of section 6 of this act; 1 d. A requirement that the applicant maintain the project at a location in New Jersey

for at least 1.5 times the number of years of the term of the grant, with at least

the number of eligible positions as required by section 4 of this act; 2 e. The employment incentive, as determined pursuant to subsection a. of section 6

of this act; f. A method for determining the number of new employees who are employed during a

grant year; g. A method for the business to report annually to the authority the number of new

employees for which the grant is to be made; h. A requirement that the business report to the authority annually the aggregate

amount of withholdings during the grant year; i. A provision permitting an audit of the payroll records of the business by the authority

from time to time, as the authority deems necessary; j. A provision which permits the authority to amend an agreement pursuant to section

9 of this act; 3 k. A provision which requires the business to maintain operations at the project location

or another location approved by the authority for at least 1.5 times the term of the

grant, and a provision to permit the authority to recapture all or part of the grant

at its discretion if the business does not remain at the site for the required term;

and l. A provision establishing the conditions under which the grant agreement may be terminated

and grant funds recaptured by the authority. 1

N.J.S.A. § 34:1B-129. 2

N.J.S.A. § 34:1B-127. 3

N.J.S.A. § 34:1B-132.