New Jersey § 34:1b-249

§ 34:1b-249.

a. The chief executive officer of the authority, in consultation with the Director

of the Division of Taxation in the Department of the Treasury, shall adopt rules in

accordance with the “Administrative Procedure Act,” P.L.1968, c. 410 ( C.52:14B-1 et seq. ) as are necessary to implement P.L.2011, c. 149 ( C.34:1B-242 et al.), including but not limited to: examples of and the determination of capital

investment; the enumeration of qualified incentive areas; the enumeration of specific

targeted industries; specific delineation of the incentive areas; the determination

of the limits, if any, on the expense or type of furnishings that may constitute capital

improvements; the promulgation of procedures and forms necessary to apply for a tax

credit, including the enumeration of the certification procedures and allocation of

tax credits for different phases of a qualified business facility; and provisions

for tax credit applicants to be charged an initial application fee, and ongoing service

fees, to cover the administrative costs related to the tax credit. b. Through regulation, the authority shall establish standards by which qualified

business facilities shall be constructed or renovated in compliance with the minimum

environmental and sustainability standards. c. Through regulation, the chief executive officer of the authority, in consultation

with the Secretary of Higher Education, shall establish standards for collaborative

research relationships between businesses in targeted industries and colleges and

universities sufficient to qualify a business for an enhanced base or bonus tax credit

amount under P.L.2017, c. 221 .