New Jersey § 34:1b-331

§ 34:1b-331.

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

for a tax credit transfer certificate, covering one or more years, in lieu of the

developer being allowed any amount of the credit against the tax liability of the

developer. 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 full or in part in an amount not less than $25,000, 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 certificate provided to the developer shall include a statement waiving the

developer's right to claim the amount of the credit that the developer has elected

to sell or assign against the developer's tax liability. b. The developer shall not sell or assign, including a collateral assignment, 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 may assign

a tax credit transfer certificate for consideration of less than 85 percent subject

to the submission of a plan to the authority and the agency to use the proceeds derived

from the assignment of tax credits to complete the residential project, 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)(1)(B)(i) may assign a tax credit transfer certificate for consideration of no less than 65

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 sections 54 through 67 of P.L.2020, c. 156 ( C.34:1B-322 through C.34:1B-335 ) and any other terms and conditions that the director may prescribe ; provided, however, that the holder of a tax credit certificate may transfer all

or part of the tax credit amount, on or after the date of issuance of the tax credit

transfer certificate, for use by the transferee in the tax period for which it was

issued, and the transferee may carry forward all or part of the tax credit amount

in any of the next five successive tax periods. Notwithstanding any provision of this section to the contrary, the amount of tax credits

that may be claimed by the transferee in any tax period shall not exceed the total

tax credit amount divided by the duration of the eligibility period in year . 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; and (4) the consideration received by the transferor.