New Jersey § 34:1b-340

§ 34:1b-340.

a. A business that meets the eligibility criteria in section 71 of P.L.2020, c. 156 ( C.34:1B-339 ) and is seeking a grant of tax credits for a project under the program shall submit

an application for approval of the project 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. ). b. (1) Before the board may consider an eligible business's application for tax credits,

the authority shall confirm with the Department of Labor and Workforce Development, the Department of Environmental Protection,

and the Department of the Treasury whether the eligible business is in substantial good standing with the respective department, or, if necessary, has entered into an agreement with

the respective department that includes a practical corrective action plan for the

eligible business. The business entity shall certify that contractors or subcontractors that will perform

work at the qualified business facility: (a) are registered as required by “The Public

Works Contractor Registration Act,” P.L.1999, c. 238 ( C.34:11-56.48 et seq. ); (b) have not been debarred by the Department of Labor and Workforce Development

from engaging in or bidding on Public Works Contracts in the State; and (c) possess

a tax clearance certificate issued by the Division of Taxation in the Department of

the Treasury. The authority may also contract with an independent third party to perform a background

check on the eligible business. Provided that the eligible business is in substantial good standing, or has entered

into such an agreement, and each contractor and subcontractor is in compliance with this paragraph, before the board may approve an eligible business's application for tax credits,

the eligible business shall execute a non-binding letter of intent with the chief

executive officer of the authority, specifying the amount and terms and conditions

of tax credits that the authority is prepared to propose for board approval and that

are intended to be a material factor in the decision by the eligible business to create

or retain the proposed number of new and retained full-time jobs, and in which the

eligible business certifies such tax credits are a material factor in its decision. (2) To assist the authority in determining whether the award of tax credits is a material

factor in the eligible business's decision to create or retain the minimum number

of new and retained full-time jobs for eligibility under the program, the chief executive

officer of the authority shall require the eligible business to submit, as part of

its application, a full economic analysis of all locations under consideration by

the eligible business; all lease agreements, ownership documents, or substantially

similar documentation for the eligible business's proposed in-State locations; and all lease agreements, ownership documents, or substantially

similar documentation for potential out-of-State location alternatives, to the extent

they exist. The chief executive officer of the authority may further consider the costs associated

with opening and maintaining a business in New Jersey, competitive proposals that

the eligible business has received from other states, the prevailing economic conditions,

and any other factors that the chief executive officer of the authority deems relevant

to assist the authority in determining whether an award of tax credits is a material

factor in the eligible business's decision. Based on this information, the authority shall independently verify and confirm

the eligible business's assertion that the award of tax credits under the program

is a material factor in the eligible business's decision to create or retain the minimum

number of new and retained full-time jobs for eligibility under the program and, in

the case of retained full-time jobs, the jobs are actually at risk of leaving the

State, before the authority may award the eligible business any tax credits under

the “Emerge Program Act,” sections 70 through 81 of P.L.2020, c. 156 ( C.34:1B-338 et al.). The chief executive officer of the eligible business, or an equivalent officer , shall certify that all factual representations made by the business to the authority

pursuant to this paragraph are true under the penalty of perjury. c. An eligible business shall pay to the authority the full amount of the direct costs

of an analysis concerning the eligible business's application for a tax credit, which

a third party retained by the authority performs, if the authority deems such retention

to be necessary. The authority shall have the discretion to waive all or a portion of the costs of

application for a small business. d. If at any time during the eligibility period the authority determines that the

eligible business made a material misrepresentation on the eligible business's application,

the eligible business shall forfeit all tax credits awarded under the program, which

shall be in addition to any other criminal or civil penalties to which the business

and the officer may be subject. e. If circumstances require an eligible business to amend its application to the authority,

then the chief executive officer of the eligible business, or an equivalent officer , shall certify to the authority that the information provided in its amended application

is true under the penalty of perjury. f. Nothing shall preclude a business from applying for tax credits under the program

for more than one project pursuant to one or more applications.