New Jersey § 34:1b-342

§ 34:1b-342.

a. Following board approval within a time established by the authority and prior to the authority and an eligible business executing a project agreement, the eligible business shall demonstrate that it has obtained

site plan approval and has committed financing for, and site control of, the qualified

business facility. If the eligible business obtained site control of the qualified business facility

prior to the execution of the letter of intent pursuant to section 72 of P.L.2020, c. 156 ( C.34:1B-340 ), then the authority may rescind approval of the award of tax credits, unless the

eligible business disclosed the fact that the eligible business had obtained the site

prior to executing the letter of intent and the authority determines that the award

of tax credits was still 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 eligible business shall provide an estimated date of completion and shall submit

periodic progress reports. The authority may rescind an award of tax credits if an eligible business fails

to provide the information required under this section within the period indicated

in the approval of the tax credits by the board. The authority may rescind an award of tax credits under the program if a project

fails to advance in accordance with the project agreement. b. Upon completion of the capital investment and employment requirements of the program,

an eligible business shall submit to the authority certifications evidencing that

the eligible business has satisfied the conditions relating to the capital investment

and employment requirements of the project agreement with supporting evidence satisfactory

to the authority. Absent extenuating circumstances and the written approval of the authority, the

eligible business shall submit the certification within three years following the

date of approval of the application. The authority may grant two six-month extensions of the deadline; provided that

the date of certification shall not occur later than four years following the date of approval of the application

by the authority; provided further that the authority may grant one additional extension

not to exceed one year upon a finding by the authority that: (1) the project is delayed

due to unforeseeable acts related to the project beyond the eligible business's control

and without its fault or negligence; (2) the eligible business is using best efforts,

with all due diligence, to proceed with the completion of the project and the submission

of the certification; and (3) the eligible business has made, and continues to make,

all reasonable efforts to prevent, avoid, mitigate, and overcome the delay. To qualify for the one-year extension, the eligible business shall provide timely

notice to the authority of the delay within 30 days after the eligible business has

actual or constructive knowledge of the delay, and shall provide periodic reports,

not less than every 30 days, of the status of the delay and the steps the eligible

business is taking to mitigate or overcome the delay. c. If the Governor declares an emergency, then the chief executive officer of the

authority shall have the discretion to grant an extension for the duration of the

emergency and the board of the authority, upon recommendation of the chief executive

officer, may grant two additional six-month extensions; provided, however, that:

(i) the extensions are due to the economic disruption caused by the emergency; (ii)

the project is delayed due to unforeseeable acts related to the project beyond the

eligible business's control and without its fault or negligence; (iii) the eligible

business is using best efforts, with all due diligence, to proceed with the completion

of the project and the submission of the certification; and (iv) the eligible business

has made, and continues to make, all reasonable efforts to prevent, avoid, mitigate,

and overcome the delay. d. The chief executive officer of the eligible business, or an equivalent officer , shall certify that the information provided pursuant to this section is true under

the penalty of perjury.