New Jersey § 34:1b-343

§ 34:1b-343.

a. The total amount of the tax credit for an eligible business for each new or retained

full-time job shall be as set forth in subsections b. through g. of this section. The total tax credit amount shall be calculated and credited to the business annually

for each year of the eligibility period, notwithstanding any other provisions of P.L.2020, c. 156 ( C.34:1B-269 et al.) to the contrary. b. The base amount of the tax credit for each new or retained full-time job for an

eligible business shall be as follows: (1) for a qualified business facility located within a government-restricted municipality, or which is

a mega project, $4,000 per year; (2) for a qualified business facility located within an enhanced area, $3,500 per

year; (3) for a qualified business facility located within a distressed municipality, $3,000

per year; (4) for a project in a qualified opportunity zone or an employment and investment

corridor, $2,500 per year; and (5) for a project in other eligible areas, $500 per year. c. (1) In addition to the base amount of the tax credit, the amount of the tax credit

to be awarded for each new or retained full-time job shall be increased with the following

bonuses: (a) for an eligible business with a qualified business facility located in a municipality

with a Municipal Revitalization Index distress score greater than 50, an increase of $1,000 per year; (b) for an eligible business with a qualified business facility at which the capital

investment in industrial or research and development premises for industrial or research

and development use by the business is in excess of the minimum capital investment

required for eligibility pursuant to subsection b. of section 71 of P.L.2020, c. 156 ( C.34:1B-339 ), an increase of $500 per year for each additional amount of investment that exceeds the minimum amount

required for eligibility by 40 percent, with a maximum increase of $1,500 per year, unless the project qualifies as a mega project or the qualified business

facility is located in a government-restricted municipality, in which case the maximum

increase is $5,000 per year; (c) for an eligible business with large numbers of new full-time jobs during the eligibility period, the increases shall be in accordance with the following schedule: (i) if the number of new full-time jobs is between 251 and 400, $500 per year; (ii) if the number of new full-time jobs is between 401 and 600, $750 per year; (iii) if the number of new full-time jobs is between 601 and 800, $1,000 per year; (iv) if the number of new full-time jobs is between 801 and 1,000, $1,250 per year; (v) if the number of new full-time jobs is in excess of 1,000, $1,500 per year; (d) for an eligible business that annually funds an industry-specific training program,

which has the capacity to enroll 10 percent or more of the eligible business's full-time

workforce, or pays a State educational institution to provide to the public an industry-specific

training program, an increase of $500 per year; provided, however, that if the training

program is provided by a State educational institution that is within 10 miles of

the qualified business facility, then the increase shall be $1,000 per year; (e) for an eligible business that qualifies as a small business, an increase of $500

per year; (f) for an eligible business with new full-time jobs and retained full-time jobs at

the qualified business facility with a median salary in excess of the existing median

salary for the county in which the project is located, or, in the case of a project

in a government-restricted municipality, a business with employees in full-time positions at the project with a median salary in excess of the median salary

for the government-restricted municipality, an increase of $200 per year during the eligibility period for each 35 percent by which the project's

median salary levels exceeds the county or government-restricted municipality median

salary, with a maximum increase of $1,000 per year; (g) (Deleted by amendment, P.L.2021, c. 160 ) ; (h) for an eligible business engaged primarily in a targeted industry, an increase

of $500 per year; (i) for an eligible business with a qualified business facility located in a qualified

incubator facility, an increase of $500 per year; (j) for an eligible business that enters into a labor harmony agreement in accordance

with section 69 of P.L.2020, c. 156 ( C.34:1B-337 ), an increase of $2,000 per year for the portion of the project subject to that labor

harmony agreement; provided further that an eligible business receiving a bonus under

this subparagraph may exceed the limitation applicable to the eligible business pursuant

to subsection d. of this section by an amount not to exceed $1,000; (k) for an eligible business that provides its employees access to child care either

through an on-site quality child care facility free of charge to its employees or

through reimbursements paid by the eligible business to its employees for the cost

of child care in accordance with standards adopted by the authority, an increase of

$1,000 per year; (l) for an eligible business that enters , or has previously entered, into an active partnership with a re-entry program for the purpose of identifying and promoting employment opportunities

at the eligible business for former inmates and current inmates leaving the corrections

system, and that hires at least one active participant in the re-entry program as a full-time employee , an increase of $500 per year; (m) for an eligible business with a qualified business facility that exceeds the Leadership

in Energy and Environmental Design's “Silver” rating standards but does not exceed

“Gold” rating standards or completes substantial environmental remediation, an additional

increase of $250 per year, or for an eligible business with a qualified business facility

that exceeds the Leadership in Energy and Environmental Design's “Gold” rating standards,

an additional increase of $500 per year; (n) for an eligible business in a targeted industry with a qualified business facility

that is used by the eligible business to conduct a full time collaborative relationship

with a college or university, including, but not limited to, a doctoral university,

an increase of $1,000 per year; (o) for an eligible business with a project that generates solar , geo-thermal, wind, or any other renewable or distributed energy on site for use within the qualified business facility of an amount that equals

at least 50 percent of the qualified business facility electric supply service needs,

an increase of $500 per year; (p) for an eligible business with a marine terminal project in a municipality located

outside a government-restricted municipality, but within the geographical boundaries

of the South Jersey Port District, an increase of $1,500 per year; (q) for an eligible business with a qualified business facility located in a qualified

opportunity zone, an increase of $1,000 per year; and (r) for an eligible business if one-third or more of the members of the eligible business's

governing board or other governing body self-identify as members of an underrepresented

community, which may include Black, African American, Hispanic, Latino, Asian, Pacific

Islander, Native American, Native Hawaiian, Alaska Native or gay, lesbian, bisexual

or transgender, an increase of $2,000 per year for each new or retained full-time job . The authority shall work with the Chief Diversity Officer or other State entities

to ensure that the bonus provided under this subparagraph is implemented faithfully

and in compliance with law. (2) The authority shall not award a bonus to an eligible business with full-time jobs

at the qualified business facility that pay less than $15 per hour or 120 percent

of the minimum wage fixed under subsection a. of section 5 of P.L.1966, c. 113 ( C.34:11-56a4 ), whichever is higher. (3) The authority may adopt, pursuant to the provisions of the “Administrative Procedure

Act,” P.L.1968, c. 410 ( C.52:14B-1 et seq. ), criteria in addition to, or in place of, the criteria set forth in paragraph (1)

of this subsection in response to the prevailing economic conditions in the State. d. The gross amount of the tax credit available to an eligible business for each new

or retained full-time job shall be the sum of the base amount set forth in subsection

b. of this section and the various additional bonus amounts for which the business

is eligible pursuant to subsection c. of this section, subject to the following limitations: (1) for a mega project or a project in a government-restricted municipality, the gross

amount for each new or retained full-time job shall not exceed $8,000 per year; (2) for a qualified business facility located within an enhanced area, the gross amount

for each new or retained full-time job shall not exceed $6,000 per year; (3) for a qualified business facility within a distressed municipality, the gross

amount for each new or retained full-time job shall not exceed $5,000 per year; (4) for a qualified business facility in a qualified opportunity zone or an employment

and investment corridor, the gross amount for each new or retained full-time job shall

not exceed $4,000 per year; and (5) for a qualified business facility in other eligible areas, the gross amount for

each new or retained full-time job shall not exceed $3,000 per year. e. The authority shall reduce the gross amount of tax credits per full-time job : (1) if the median salary of new full-time jobs and retained full-time jobs subject to the project agreement is less than the existing median salary for the county in which the qualified business

facility is located ; or (2) for a project located in a government-restricted municipality, if the median

salary of new full-time jobs and retained full-time jobs subject to the project agreement

is less than the existing median salary for the municipality in which the qualified

business facility is located . The authority shall reduce the gross amount of tax credits per full-time job by

an amount, in percentage points, equal to the percentage the median salary of new

full-time jobs and retained full-time jobs subject to the project agreement is below the existing median salary for the county or government-restricted municipality in which the qualified business facility is located. The authority shall not award a tax credit to an eligible business if the median

salary of new full-time jobs and retained full-time jobs that would otherwise be subject to the project agreement is 30 percent or more below the relevant existing median salary for the county or government-restricted municipality in which the qualified business facility is located. f. After the determination by the authority of the gross amount of tax credits for

which an eligible business is eligible pursuant to subsection d. of this section,

the final total tax credit amount shall be calculated as follows: (1) for each new

full-time job, the eligible business shall be allowed tax credits equaling 100 percent of the gross amount of tax credits for each new full-time job; and (2)

for each retained full-time job, the eligible business shall be allowed tax credits

equaling 50 percent of the gross amount of tax credits for each retained full-time

job. g. Notwithstanding the provisions of subsections a. through f. of this section to

the contrary, for each application approved by the board, the amount of tax credits

available to be applied by the business annually shall not exceed an amount determined

by the authority to be necessary to induce the project to be sited in New Jersey as

determined by the board. The authority shall determine the amount necessary to complete the project through

staff analysis of all locations under consideration by the eligible business and all

lease agreements, ownership documents, or substantially similar documentation for

the eligible business's proposed in-State locations and potential out-of-State location alternatives, competitive

proposals from other states, the prevailing economic conditions, and any other information

that the authority deems relevant.