New Jersey § 34:1b-263
Full text of New Jersey New Jersey Statutes § 34:1b-263, with citation guidance and answers to common questions.
§ 34:1b-263.
a. If, in any tax period, the number of new full-time employees employed by the business
at the headquarters drops below 80 percent of the number of new full-time jobs specified
in the incentive phase agreements for all phases completed, then the business shall
forfeit its credit amount for that tax period and each subsequent tax period, until
the first tax period for which documentation demonstrating the restoration of the
number of full-time employees employed by the business at the headquarters to 80 percent
of the number of jobs specified in the incentive phase agreements for all phases completed. b. If the headquarters is sold by the owner in whole or in part during the eligibility
period, the new owner shall not acquire the capital investment of the seller and the
seller shall forfeit all credits for the tax period in which the sale occurs and all
subsequent tax periods, provided however, that any credits of the business shall remain
unaffected. c. If the headquarters fails to achieve an employment level of 30,000 new full-time
jobs or a capital investment of at least $3,000,000,000 by the 20th year of the incentive
agreement, then the business shall not receive any tax credits for an incomplete phase,
and for a completed phase, if the total employment achieved is between: (1) 20,000 and 29,999 new full-time jobs, the amount of tax credits shall be reduced
to $7,000 per employee per year; (2) 10,000 and 19,999 new full-time jobs, the amount of tax credits shall be reduced
to $5,000 per employee per year; and (3) 5,000 and 9,999 new full-time jobs, the amount of tax credits shall be reduced
to $3,000 per employee per year. The business shall repay any amount of tax credits allowed prior to the 20th year
of the incentive agreement that is in excess of the amount calculated based on the
reduced tax credit first by forfeiting any tax credit amounts carried over, pursuant
to subsection b. of section 7 of P.L.2017, c. 282 ( C.34:1B-262 ), and then by payment of current funds.
Frequently Asked Questions About New Jersey § 34:1b-263
What does New Jersey Statutes § 34:1b-263 cover?
Section 34:1b-263 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 34:1b-263?
A common citation format is "New Jersey Statutes § 34:1b-263" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 34:1b-263 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.