New Jersey § 34:1b-274

§ 34:1b-274.

a. The authority shall, in consultation with the officer and the director, promulgate

rules and regulations in accordance with the “Administrative Procedure Act,” P.L.1968,

c. 410 ( C.52:14B-1 et seq. ), as the officer deems necessary to administer the provisions of sections 2 through

8 of P.L.2020, c. 156 ( C.34:1B-270 through C.34:1B-276 ), including but not limited to rules establishing administrative fees to implement

the provisions of sections 2 through 8 of P.L.2020, c. 156 ( C.34:1B-270 through C.34:1B-276 ), and setting of an annual application submission date, requiring annual reporting by each

business entity that receives a tax credit pursuant to sections 2 through 8 of P.L.2020, c. 156 ( C.34:1B-270 through C.34:1B-276 ) . As part of the authority's review of the annual reports required from each business

entity that receives a tax credit, the authority shall confirm with the Department of Labor and Workforce Development, the Department of Environmental

Protection, and the Department of the Treasury that : the business entity is in substantial good standing with the respective department , or has entered into an agreement with the respective department that includes a practical

corrective action plan for the business entity , and the business entity shall certify that any contractors or subcontractors performing

work at the qualified property or transformative project: (1) are registered as required

by “The Public Works Contractor Registration Act,” P.L.1999, c. 238 ( C.34:11-56.48 et seq. ); (2) have not been debarred by the Department of Labor and Workforce Development

from engaging in or bidding on Public Works Contracts in the State; and (3) possess

a tax clearance certificate issued by the Division of Taxation in the Department of

the Treasury . The rules and regulations adopted pursuant to this section shall also include a

provision to require that business entities forfeit all tax credits awarded in any

year in which the Department of Labor and Workforce Development, the Department of Environmental

Protection, or the Department of the Treasury advises the authority that the business

entity is not in substantial good standing nor has the business entity entered into

an agreement with the respective department that includes a practical corrective action

plan , and to allow the authority to extend, in individual cases, the deadline for any

annual reporting or certification requirement established pursuant to this section. b. For every tax credit allowed pursuant to section 4 of P.L.2020, c. 156 ( C.34:1B-272 ), the authority, in consultation with the officer, shall certify to the director:

the total cost of rehabilitation; that the property meets the definition of qualified

property or transformative project, as applicable; and that the rehabilitation has

been completed in substantial compliance with the requirements of the Secretary of

the Interior's Standards for Rehabilitation pursuant to section 67.7 of Title 36, Code of Federal Regulations . The business entity shall attach the certification to the tax return on which the

business entity claims the credit. c. (1) The total amount of credits approved by the authority pursuant to sections

2 through 8 of P.L.2020, c. 156 ( C.34:1B-270 through C.34:1B-276 ) shall not exceed the limitations set forth in section 98 of P.L.2020, c. 156 ( C.34:1B-362 ). If the authority approves less than the total amount of tax credits authorized pursuant

to this subsection in a fiscal year, the remaining amount, plus any amounts remaining

from previous fiscal years, shall be added to the limit of subsequent fiscal years

until that amount of tax credits are claimed or allowed. Any unapproved, uncertified, or recaptured portion of tax credits during any fiscal

year may be carried over and reallocated in succeeding years. (2) Notwithstanding the provisions of paragraph (1) of this subsection and section

98 of P.L.2020, c. 156 ( C.34:1B-362 ) to the contrary, the authority may approve tax credits, pursuant to sections 2 through

8 of P.L.2020, c. 156 ( C.34:1B-270 through C.34:1B-276 ), for the rehabilitation of a transformative project in an amount that causes the

total amount of credits approved during the fiscal year to exceed the limitations

set forth in section 98 of P.L.2020, c. 156 ( C.34:1B-362 ), provided that the amount of the excess shall be subtracted from the total amount

of credits that may be approved by the authority in the subsequent fiscal year, and

the amount of the excess shall not exceed 50 percent of the total tax credits otherwise

authorized for the fiscal year. The authority, in consultation with the officer, shall devise criteria for allocating

tax credit amounts if the approved amounts combined exceed the total amount in each

fiscal year, including rules that allocate over multiple fiscal years a single credit

amount granted in excess of $2,000,000. The criteria shall include a project's historic importance, positive impact on the

surrounding neighborhood, economic sustainability, geographic diversity, and consistency

with Statewide growth and development policies and plans.