New Jersey § 34:1b-346

§ 34:1b-346.

a. An eligible business may apply to the director and the chief executive officer

of the authority for a tax credit transfer certificate, within three years of the

tax period in which the director allows the eligible business a tax credit, in lieu

of any amount of the tax credit against the eligible business's State tax liability. The tax credit transfer certificate, upon receipt thereof by the eligible business

from the director and the chief executive officer of the authority, may be sold or

assigned, in an amount not less than $25,000, within three years of the tax period

in which the eligible business receives the tax credit transfer certificate from the

director, to another person that may have 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 54:18A-3 ), section 1 of P.L.1950, c. 231 ( C.17:32-15 ), or N.J.S.17B:23-5 . A purchaser or assignee of a tax credit transfer certificate pursuant to this section

shall apply the transferred credit against the same tax for which the eligible business

was approved a tax credit under the program. The tax credit transfer certificate provided to the eligible business shall include

a statement waiving the eligible business's right to claim the credit that the eligible

business has elected to sell or assign. b. (1) The eligible business shall not sell or assign a tax credit transfer certificate

allowed under this section for consideration received by the eligible business of

less than 85 percent of the transferred credit amount before considering any further

discounting to present value which shall be permitted. The tax credit transfer certificate issued to the eligible business by the director

shall be subject to any limitations and conditions imposed on the application of State

tax credits pursuant to sections 70 through 81 of P.L.2020, c. 156 ( C.34:1B-338 et al.) and any other terms and conditions that the director may prescribe. (2) With respect to credits to be sold or assigned, in full or in part, pursuant to

an application to the authority for a tax credit transfer certificate by a business

to a person subject to tax liability due pursuant to section 2 or 3 of P.L.1945, c.

132 ( C.54:18A-2 or C.54:18A-3 ), the person shall be allowed to apply the credits against the person's tax liability

without the provision of a tax credit certificate to the Division of Taxation in the

Department of the Treasury for the tax period accompanying its tax return, and the

person be considered a tax credit transferee and be subject to paragraph (3) of this

subsection. (3) The authority may recapture all or part of any tax credits claimed by a person

pursuant to paragraph (2) of this subsection with penalties and interest from the

person or the business in the event the authority does not issue a tax credit certificate

in an amount at least equal to the tax credit amount claimed on the person's tax return

for the applicable tax period. 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 transferrer; (2) the name of the transferee; (3) the value of the tax credit transfer certificate; (4) the State tax against which the transferee may apply the tax credit; and (5) the consideration received by the transferrer.