New Jersey § 34:1b-285

§ 34:1b-285.

a. A developer may apply to the director and the chief executive officer of the authority

for a tax credit transfer certificate, during the privilege period in which the director

awards the developer a tax credit pursuant to section 16 of P.L.2020, c. 156 ( C.34:1B-284 ), in lieu of the developer being allowed to apply any amount of the tax credit against

the developer's State tax liability. The tax credit transfer certificate, upon receipt thereof by the developer from

the director and the chief executive officer of the authority, may be sold or assigned,

in the privilege period during which the developer receives the tax credit transfer

certificate from the director, to another person, who may apply the credit against

a tax liability pursuant to section 5 of P.L.1945, c. 162 ( C.54:10A-5 ), sections 2 and 3 of P.L.1945, c. 132 ( C.54:18A-2 and C.54:18A-3 ), section 1 of P.L.1950, c. 231 ( C.17:32-15 ), or N.J.S.17B:23-5 . The tax credit transfer certificate provided to the developer shall include a statement

waiving the developer's right to claim the credit that the developer has elected to

sell or assign. b. The developer shall not sell or assign 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 tax credit transfer certificate issued to a developer by the director shall

be subject to any limitations and conditions imposed on the application of State tax

credits pursuant to section 16 of P.L.2020, c. 156 ( C.34:1B-284 ) and any other terms and conditions that the director may prescribe. c. 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. d. 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.