New Jersey § 34:1b-275
Full text of New Jersey New Jersey Statutes § 34:1b-275, with citation guidance and answers to common questions.
§ 34:1b-275.
a. The authority, in collaboration with the director, shall adopt rules for the recapture
of an entire or partial tax credit amount allowed under sections 2 through 8 of P.L.2020, c. 156 ( C.34:1B-270 through C.34:1B-276 ). The rules shall require the authority to notify the director of the recapture of
an entire or partial tax credit amount. Recaptured funds shall be deposited in the General Fund of the State. b. If, before the end of five full years after the completion of the rehabilitation
of the qualified property or transformative project, a developer that has received
a tax credit pursuant to section 4 of P.L.2020, c. 156 ( C.34:1B-272 ) modifies the qualified property or transformative project so that it ceases to meet
the requirements for the rehabilitation of a qualified property or transformative
project as defined under the program or ceases to meet the requirement of the rehabilitation
agreement then the tax credit allowed under the program shall be recaptured in accordance
with the rules adopted pursuant to subsection a. of this section. c. In the case of a business entity that has chosen a selected rehabilitation period
of 60 months, if the architectural plans change in the course of the phased rehabilitation
project so that the rehabilitation of the qualified property or transformative project
would, upon the rehabilitation's completion, no longer qualify for a tax credit pursuant
to the requirements of sections 2 through 8 of P.L.2020, c. 156 ( C.34:1B-270 through C.34:1B-276 ), then the business entity's tax liability for that accounting or privilege period
shall be increased by the full amount of the tax credit that the authority had previously
granted upon the completion of a distinct prior project phase that the business entity
has applied against its tax liability in a prior accounting or privilege period. Any portion of the tax credit that the business entity has not yet used at the time
of the disallowance by the officer shall be deemed void.
Frequently Asked Questions About New Jersey § 34:1b-275
What does New Jersey Statutes § 34:1b-275 cover?
Section 34:1b-275 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-275?
A common citation format is "New Jersey Statutes § 34:1b-275" (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-275 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.