New Jersey § 34:1b-313

§ 34:1b-313.

As used in sections 43 through 53 of P.L.2020, c. 156 ( C.34:1B-311 through C.34:1B-321 ): “ Affiliate ” means an entity that directly or indirectly controls, is under common control with,

or is controlled by an anchor institution partner anchor institution, or a partner

business. Control exists in all cases in which the entity is a member of a controlled group

of corporations as defined pursuant to section 1563 of the federal Internal Revenue Code ( 26 U.S.C. s.1563 ) or the entity is an organization in a group of organizations under common control

that is subject to the regulations applicable to organizations pursuant to subsection (b) or (c) of section 414 of the federal Internal Revenue Code ( 26 U.S.C. s.414 ). A taxpayer may establish by clear and convincing evidence, as determined by the

Director of the Division of Taxation in the Department of the Treasury, that control

exists in situations involving lesser percentages of ownership than required by the

above referenced federal statutes. “ Anchor institution ” means a governmental entity or nonprofit entity incorporated pursuant to Title 15

of the Revised Statutes or Title 15A of the New Jersey Statutes having a primary mission

and specific policy goals that align with those of the authority under the program

and that is a comprehensive health care system, a public research university, a private

research university, a major cultural scientific, research, or philanthropic institution,

or a public college which is separate from public research universities, or an experienced

nonprofit or governmental economic or community development entity certified as an

anchor institution by the board pursuant to subsection a. of section 46 of P.L.2020, c. 156 ( C.34:1B-314 ). “ Authority ” means the New Jersey Economic Development Authority established by section 4 of

P.L.1974, c. 80 ( C.34:1B-4 ). “ Board ” means the board of the New Jersey Economic Development Authority, established by

section 4 of P.L.1974, c. 80 ( C.34:1B-4 ). “ Commitment period ” means the period of time, which shall be not less than 10 years and no greater than

twice the eligibility period that is granted to an anchor institution or, if applicable,

a partner anchor institution, to distribute to the authority the agreed upon returns

on investment for the award of tax credits pursuant to the program; provided, however,

at the election of the authority or upon the request of an anchor institution or,

if applicable, a partner anchor institution in order to benefit the community-anchored

project, and as determined in the sole discretion of the authority, the authority

may grant up to two consecutive five-year extensions of the commitment period. “ Community-anchored project ” means a capital project that is located in an area that is designated as a New Jersey

State opportunity zone, an area of the State designated pursuant to the “State Planning

Act,” P.L.1985, c. 398 ( C.52:18A-196 et seq. ), as Planning Area 1 (Metropolitan), or a municipality with a Municipal Revitalization

Index distress score of at least 50 and for which an anchor institution and, if applicable,

any partner anchor institution is to be awarded tax credits by the authority pursuant

to a tax credit agreement which establishes the award of tax credits as an investment

by the authority in the project, provided that the project will result in a capital

investment of at least $10,000,000 in a New Jersey State opportunity zone or in any

other area of the State, but a project that is not located in a New Jersey State opportunity

zone is to be primarily designed to result in the economic expansion of a targeted

industry in this State. “ Comprehensive health care system ” means an entity in this State with the primary purpose of offering comprehensive

health care services. “ Comprehensive health care services ” means the basic health care services provided under a health benefits plan, including

medical and surgical services provided by licensed health care providers who may include,

but are not limited to, family physicians, internists, cardiologists, psychiatrists,

rheumatologists, dermatologists, orthopedists, obstetricians, gynecologists, neurologists,

endocrinologists, radiologists, nephrologists, emergency services physicians, ophthalmologists,

pediatricians, pathologists, general surgeons, osteopathic physicians, physical therapists

and chiropractors. Basic benefits may also include inpatient or outpatient services rendered at a licensed

hospital, covered services performed at an ambulatory surgical facility, and ambulance

services. “Comprehensive health care services” shall include only services provided by licensed

health care providers. “ Director ” means the Director of the Division of Taxation in the Department of the Treasury. “ Eligibility period ” means the period in which an anchor institution or, if applicable, a partner anchor

institution may claim, sell, transfer, or otherwise use a tax credit under the New

Jersey Community-Anchored Development Program, beginning with the tax period in which

the authority accepts certification of the business that it has met the capital investment

requirements of the program and extending thereafter for a term of not more than 10

years. “ Eligible position ” means a full-time position in a business in this State which the business has filled

with a full-time employee. An eligible position shall not include an independent contractor or a consultant. “ Experienced nonprofit or governmental economic or community development entity ” means a nonprofit entity incorporated pursuant to Title 15 of the Revised Statutes

or Title 15A of the New Jersey Statutes with a substantial number of years of experience

that has a core mission and a community track record of advancing economic or community

development in at least one area of the State, that the senior management has undertaken multiple successful partnerships with government entities, educational

institutions , and the private sector in carrying out development projects, that has successfully

developed multiple types of mixed-use projects, and that has appropriate prior experience in successfully developing mixed-use projects

of comparable or greater size, value and complexity to that being proposed, structuring,

securing, and utilizing complex financing in the development of projects of comparable

or greater size, value, and complexity to that being proposed, as determined by the

board. An experienced nonprofit or governmental economic or community development entity

shall not be eligible to participate in the program in connection with a project that

is primarily residential or retail. “ Major cultural institution ” means a public or nonsectarian nonprofit institution within this State that engages

in the cultural, intellectual, scientific, environmental, educational, or artistic

enrichment of the people of this State, and which is designated by the board as a

major cultural institution. “ New full-time job ” means an eligible position created by an anchor institution, partner anchor institution

or a partner business at the community-anchored project that did not previously exist

in this State. For the purposes of determining a number of new full-time jobs, the eligible positions

of an affiliate shall be considered eligible positions of the business. “ New Jersey State opportunity zone ” means a federal population census tract in this State that was eligible to be designated

as a qualified opportunity zone pursuant to 26 U.S.C. s.1400Z-1 . “ Partner anchor institution ” means an anchor institution that partners with one or more anchor institutions to

make an equity investment in or to provide a loan or other financial support for a

community-anchored project. “ Partner business ” means a corporation, partnership, firm, enterprise, franchise, association, trust,

sole proprietorship, or other legal entity, but shall not include a public entity

that enters into an agreement with an anchor institution or, if applicable, a partner

anchor institution to rent and occupy commercial space within a community-anchored

project. Under the program a partner business, subject to agreement with the anchor institution

or, if applicable, a partner anchor institution, may lease one or more portions of

the partner business's space in the community-anchored project to one or more other

persons or entities. “ Private research university ” means Princeton University and any other institution of higher education in this

State designated by the board as a private research university, based on criteria

and metrics established by the board. “ Program ” means the New Jersey Community-Anchored Development Program established pursuant

to section 46 of P.L.2020, c. 156 ( C.34:1B-314 ). “ Public research university ” means Rutgers, The State University of New Jersey, Rowan University, the New Jersey

Institute of Technology, and Montclair State University. “ Qualified business accelerator or incubator facility ” means a commercial space that contains office, laboratory, or industrial space and

which is located near, and presents opportunities for collaboration with, a public

research university, a private research university, teaching hospital, college, or

university, and within which at least 50 percent of the gross leasable area is restricted

for use by one or more targeted industry start-up companies during the commitment

period. “ Targeted industry ” means any industry identified from time to time by the authority which shall initially

include advanced transportation and logistics, advanced manufacturing, aviation, autonomous

vehicle and zero-emission vehicle research or development, clean energy, life sciences,

hemp processing, information and high technology, finance and insurance, professional

services, film and digital media, non-retail food and beverage businesses including

food innovation, and other innovative industries that disrupt current technologies

or business models. “ Tax credit agreement ” means a tax credit agreement entered into pursuant to section 50 of P.L.2020, c. 156 ( C.34:1B-318 ) between the authority and an anchor institution or, if applicable, a partner anchor

institution. “ Work First New Jersey program ” means the Work First New Jersey program established pursuant to P.L.1997, c. 38 ( C.44:10-55 et seq. ).