New Jersey § 34:1b-248

§ 34:1b-248.

A business may apply to the Director of the Division of Taxation in the Department

of the Treasury and the chief executive officer of the authority for a tax credit

transfer certificate, covering one or more years, in lieu of the business being allowed

any amount of the credit against the tax liability of the business. The tax credit transfer certificate, upon receipt thereof by the business from the

director and the chief executive officer of the authority, may be sold or assigned,

in full or in part, in an amount not less than $25,000, to any other person that may

have a tax liability pursuant to section 5 of P.L.1945, c. 162 ( C.54:10A-5 ), pursuant to sections 2 and 3 of P.L.1945, c. 132 ( C.54:18A-2 and 54:18A-3 ), pursuant to section 1 of P.L.1950, c. 231 ( C.17:32-15 ), or pursuant to N.J.S.17B:23-5 . The certificate provided to the business shall include a statement waiving the business's

right to claim that amount of the credit against the taxes that the business has elected

to sell or assign. The sale or assignment of any amount of a tax credit transfer certificate allowed

under this section shall not be exchanged for consideration received by the business

of less than 75 percent of the transferred credit amount before considering any further

discounting to present value which shall be permitted , except that the 75 percent minimum measure of consideration shall not apply to the

sale or assignment of a tax credit transfer certificate to an affiliate irrespective

of whether the affiliate met the capital investment and employment requirements specified

in the incentive agreement . Any amount of a tax credit transfer certificate used by a purchaser or assignee

against a tax liability shall be subject to the same limitations and conditions that

apply to the use of the credit by the business that originally applied for and was

allowed the credit.