New Jersey § 34:1b-292
Full text of New Jersey New Jersey Statutes § 34:1b-292, with citation guidance and answers to common questions.
§ 34:1b-292.
a. The authority shall sell the tax credits authorized pursuant to section 22 of P.L.2020, c. 156 ( C.34:1B-290 ) to purchasers through a competitive auction process. b. The authority shall determine the form and manner in which potential purchasers
may bid for tax credits available under the program. To be awarded a tax credit under the program, a potential purchaser shall: (1) specify the requested amount of tax credits, which shall not be less than $500,000; (2) specify the amount the potential purchaser will pay in exchange for the requested
amount of tax credits, which shall be set by the authority at an amount not less than 75 percent of the requested dollar amount of tax credits; (3) commit to serve on the New Jersey Innovation Evergreen Advisory Board, established
pursuant to section 32 of P.L.2020, c. 156 ( C.34:1B-300 ), and to otherwise provide mentorship, networking, and collaboration opportunities
to qualified businesses that receive funding under the program; and (4) provide any other information that the chief executive officer of the authority
determines is necessary. c. Prior to an auction, the authority shall establish and disclose to bidders the
weighted criteria the authority will utilize, which the authority shall base on the
price offered to purchase the tax credits and the quality of the mentorship and networking
opportunities and other support of the State's innovation ecosystem offered by a purchaser
in its bid. The authority may pro rate the amount of tax credits allocated to each purchaser.
A potential purchaser that submits a bid for tax credits under this section shall
receive a written notice from the authority indicating whether the authority has approved
it as a purchaser of tax credits and, if so, the amount of tax credits approved. d. Except as provided in section 22 of P.L.2020, c. 156 ( C.34:1B-290 ), the authority shall hold one competitive auction per calendar year. e. The authority may contract with an independent third party to conduct the competitive
bidding process through which State tax credits issued by the authority may be sold.
Frequently Asked Questions About New Jersey § 34:1b-292
What does New Jersey Statutes § 34:1b-292 cover?
Section 34:1b-292 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-292?
A common citation format is "New Jersey Statutes § 34:1b-292" (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-292 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.