New Jersey § 34:1b-316
Full text of New Jersey New Jersey Statutes § 34:1b-316, with citation guidance and answers to common questions.
§ 34:1b-316.
a. Beginning January 1, 2026, but prior to March 1, 2029 , an anchor institution and, if applicable, each partner anchor institution seeking
a tax credit pursuant to the program shall submit an application to the authority
in a form and manner prescribed in regulations adopted by the authority pursuant to
the provisions of the “Administrative Procedure Act,” P.L.1968, c. 410 ( C.52:14B-1 et seq. ). The authority shall accept and certify applications for tax credits during the award
rounds established pursuant to section 49 of P.L.2020, c. 156 ( C.34:1B-317 ). b. The authority shall not consider an application for a community-anchored project
unless the anchor institution and, if applicable, each partner anchor institution
submits, with the application, a letter evidencing support for the community-anchored
project from the governing body of the municipality in which the community-anchored
project is located. c. The authority shall review the project costs for a proposed community-anchored
project and evaluate and validate the underlying financial structure proposed by the
anchor institution and, if applicable, each partner anchor institution. The authority shall conduct a State fiscal impact analysis to ensure that the overall
value of tax credits provided to the community-anchored project is projected to result
in net benefits to the State, taking into account the current and deferred returns
to the authority. The authority shall assess the cost of these reviews to the applicant. An anchor institution and, if applicable, each partner anchor institution shall pay
to the authority the full amount of the direct costs of an analysis concerning the
anchor institution's and, if applicable, each partner anchor institution's application
for tax credits that a third party retained by the authority performs, if the authority
deems such retention to be necessary. d. If at any time during the eligibility period the authority determines that an anchor
institution or a partner anchor institution made a material misrepresentation on the
program application, the anchor institution or partner anchor institution shall forfeit
or repay to the authority the value of tax credits associated with that application.
Frequently Asked Questions About New Jersey § 34:1b-316
What does New Jersey Statutes § 34:1b-316 cover?
Section 34:1b-316 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-316?
A common citation format is "New Jersey Statutes § 34:1b-316" (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-316 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.