New Jersey § 34:1b-273

§ 34:1b-273.

a. The authority shall, in cooperation with the director, establish and administer

a corporation business tax credit transfer certificate program and an insurance premiums

tax credit transfer certificate program to enable business entities with unused, otherwise

allowable amounts of tax credits issued pursuant to sections 2 through 8 of P.L.2020, c. 156 ( C.34:1B-270 through C.34:1B-276 ) to exchange these credits, in whole or in part, for private financial assistance

prior to the expiration of the tax credit. A certificate issued by the director and the authority shall include a statement waiving

the rights of the business entity to which the tax credit has been granted to claim

any amount of remaining credit against any tax liability. b. A business entity holding an unused, otherwise allowable tax credit issued pursuant

to sections 2 through 8 of P.L.2020, c. 156 ( C.34:1B-270 through C.34:1B-276 ) may apply to the director and the authority for a tax credit transfer certificate

pursuant to subsection a. of this section. Upon receipt thereof, the business entity may sell or assign, in full or in part,

the tax credit transfer certificate to another taxpayer in exchange for private financial

assistance to be provided by the purchaser or assignee of the tax credit transfer

certificate to the seller thereof. The developer shall not sell a tax credit transfer certificate allowed under this

section for consideration received by the developer of less than 85 percent of the

transferred credit amount before considering any further discounting to present value

which shall be permitted, except a developer of a residential project consisting of

newly-constructed residential units that has received federal low income housing tax

credits under 26 U.S.C. s.42(b)(2)(B)(i) s.42(b)(1)(B)(i) may assign a tax credit transfer certificate for consideration of no less than 75

percent subject to the submission of a plan to the authority and the New Jersey Housing

and Mortgage Finance Agency to use the proceeds derived from the assignment of tax

credits to complete the residential project. The purchaser or assignee of the tax credit transfer certificate may apply the face

value of the tax credit transfer certificate acquired against the purchaser's or assignee's

applicable tax liability by claiming the tax credit on the purchaser's or assignee's

corporation business tax or insurance premiums tax return with the corresponding tax

credit transfer certificate accompanying the tax return. A purchaser or assignee of a tax credit transfer certificate pursuant to this section

shall not make any subsequent transfers, assignments, or sales of the tax credit transfer

certificate. c. The authority shall publish on its Internet website the following information concerning

each tax credit transfer certificate approved by the authority and the director pursuant

to this section: (1) the name of the transferor; (2) the name of the transferee; (3) the value of the tax credit transfer certificate; (4) the State tax against which the transferee may apply the tax credit; and (5) the consideration received by the transferor.