New Jersey § 34:1b-293

§ 34:1b-293.

a. A purchaser that submits a successful bid for the purchase of tax credits pursuant

to section 24 of P.L.2020, c. 156 ( C.34:1B-292 ) shall enter into a contract with the authority that includes payment information

and the commitments made by the purchaser in its auction bid. A purchaser that submits a successful bid for the purchase of tax credits pursuant

to section 24 of P.L.2020, c. 156 ( C.34:1B-292 ) shall pay by wire transfer the amount specified in its auction bid to the authority

for deposit into the fund. Upon receipt thereof, the chief executive officer shall notify the director to issue

tax credits in the amount approved. Failure by the purchaser to pay the amount agreed upon on time may disqualify the

purchaser from purchasing the tax credits and the authority may reassign the right

to purchase the credits to another bidder. Failure by the purchaser to adhere to the commitments made in its auction bid may

disqualify the purchaser from participating in future auctions and may result in the

recapture of a portion of the tax credits. b. The authority shall credit to the fund any money paid to the authority by a purchaser

for an allocation of tax credits under the program. c. The authority shall ensure that no undue financial advantage shall inure to a purchaser

that also is: managing a qualified venture firm; beneficially owning, through rights,

options, convertible interests, or otherwise, more than 15 percent of the voting securities

or other voting ownership interests of a qualified venture firm; or controlling the

direction of investments for a qualified venture firm. The chief executive officer of the authority shall certify that the authority is

monitoring the activities of such purchasers and has taken appropriate steps to ensure

no undue financial advantage inures to the purchasers.