New Jersey § 34:1b-362

§ 34:1b-362.

a. The combined value of all tax credits awarded under the “Historic Property Reinvestment

Act,” sections 2 through 8 of P.L.2020, c. 156 ( C.34:1B-270 through 34:1B-276 ); the “Brownfields Redevelopment Incentive Program Act,” sections 9 through 19 of P.L.2020, c. 156 ( C.34:1B-277 through 34:1B-287 ); the “New Jersey Innovation Evergreen Act,” sections 20 through 34 of P.L.2020, c. 156 ( C.34:1B-288 through 34:1B-302 ); the “Food Desert Relief Act,” sections 35 through 42 of P.L.2020, c. 156 ( C.34:1B-303 through 34:1B-310 ); the “New Jersey Community-Anchored Development Act,” sections 43 through 53 of P.L.2020, c. 156 ( C.34:1B-311 through 34:1B-321 ); the “New Jersey Aspire Program Act,” sections 54 through 67 of P.L.2020, c. 156 ( C.34:1B-322 through 34:1B-335 ); the “Emerge Program Act,” sections 68 through 81 of P.L.2020, c. 156 ( C.34:1B-336 et al.); section 6 of P.L.2010, c. 57 ( C.34:1B-209.4 ) , and the “Cultural Arts Incentives Program Act,” P.L.2023, c. 197 ( C.34:1B-383 et al.), shall not exceed an overall cap of $11.5 billion over a nine-year period, subject

to the conditions and limitations set forth in this section. Of this $11.5 billion, $2.5 billion shall be reserved for transformative projects

approved under the Aspire Program. b. (1) The total value of tax credits awarded under any constituent program of the

“New Jersey Economic Recovery Act of 2020,” P.L.2020, c. 156 ( C.34:1B-269 et al.) and the “Cultural Arts Incentives Program Act,” P.L.2023, c. 197 ( C.34:1B-383 et al.), shall be subject to the following limitations, except as otherwise provided in subsection c. of this section: (a) for tax credits awarded under the “Historic Property Reinvestment Act,” sections

2 through 8 of P.L.2020, c. 156 ( C.34:1B-270 through 34:1B-276 ), the total value of tax credits annually awarded during each of the first six years

of the nine-year period shall not exceed $50 million; (b) for tax credits awarded under the “Brownfields Redevelopment Incentive Program

Act,” sections 9 through 19 of P.L.2020, c. 156 ( C.34:1B-277 through 34:1B-287 ), the total value of tax credits annually awarded during each of the first six years

of the nine-year period shall not exceed $50 million; (c) for tax credits awarded under the “New Jersey Innovation Evergreen Act,” sections

20 through 34 of P.L.2020, c. 156 ( C.34:1B-288 through 34:1B-302 ), the total value of tax credits annually awarded during each of the first six years

of the nine-year period shall not exceed $60 million and the total value of tax credits

awarded over the entirety of the nine-year period shall not exceed $300,000,000; (d) for tax credits awarded under the “Food Desert Relief Act,” sections 35 through

42 of P.L.2020, c. 156 ( C.34:1B-303 through 34:1B-310 ), the total value of tax credits annually awarded during each of the first six years

of the nine-year period shall not exceed $40 million; (e) for tax credits awarded under the “New Jersey Community-Anchored Development Act,”

sections 43 through 53 of P.L.2020, c. 156 ( C.34:1B-311 through 34:1B-321 ), and the “Cultural Arts Incentives Program Act,” P.L.2023, c. 197 ( C.34:1B-383 et al.), the total value of tax credits awarded during the nine-year period shall not exceed $1,200,000,000; provided, however, tax credits shall not be available under the “New

Jersey Community-Anchored Development Act,” sections 43 through 53 of P.L.2020, c. 156 ( C.34:1B-311 through 34:1B-321 ), until January 1, 2026. Beginning January 1, 2026, the authority shall annually award tax credits under the “New Jersey Community-Anchored Development Act,” sections 43 through 53

of P.L.2020, c. 156 ( C.34:1B-311 through 34:1B-321 ), valuing no greater than $130 million for projects located in the 13 northern counties

of the State, and the authority shall annually award tax credits valuing no greater

than $70 million for projects located in the eight southern counties of the State.

If during any year of operation of the “New Jersey Community-Anchored Development Act,” sections

43 through 53 of P.L.2020, c. 156 ( C.34:1B-311 through 34:1B-321 ), the authority awards tax credits pursuant to the program in an amount less than the annual limitation for projects located in northern counties

or southern counties, as applicable, the uncommitted portion of the annual limitation

shall be available to be deployed by the authority in a subsequent year without consideration to the county in which a project is located; (f) for tax credits awarded under the “New Jersey Aspire Program Act,” sections 54

through 67 of P.L.2020, c. 156 ( C.34:1B-322 through 34:1B-335 ), and the “Emerge Program Act,” sections 68 through 81 of P.L.2020, c. 156 ( C.34:1B-336 et al.), not including tax credits awarded for transformative projects, the total

value of tax credits annually awarded during each of the first six years of the nine-year

period shall not exceed $1.1 billion. If the authority awards tax credits in an amount less than the annual limitation,

then the uncommitted portion of the annual limitation shall be made available for

qualified offshore wind projects awarded under section 6 of P.L.2010, c. 57 ( C.34:1B-209.4 ), pursuant to subparagraph (h) of this paragraph, or New Jersey studio partners and

New Jersey film-lease production companies awarded under sections 1 and 2 of P.L.2018, c. 56 ( C.54:10A-5.39b and C.54A:4-12b ), pursuant to subparagraph (i) of this paragraph and subsection d. of this section.

During each of the first six years of the nine-year period, the authority shall annually

award tax credits valuing no greater than $715 million for projects located in the

northern counties of the State, and the authority shall annually award tax credits

valuing no greater than $385 million for projects located in the southern counties

of the State under the “New Jersey Aspire Program Act,” sections 54 through 67 of P.L.2020, c. 156 ( C.34:1B-322 through 34:1B-335 ), and the “Emerge Program Act,” sections 68 through 81 of P.L.2020, c. 156 ( C.34:1B-336 et al.). If during any of the first six years of the nine-year period, the authority awards

tax credits under the “New Jersey Aspire Program Act,” sections 54 through 67 of P.L.2020, c. 156 ( C.34:1B-322 through 34:1B-335 ), and the “Emerge Program Act,” sections 68 through 81 of P.L.2020, c. 156 ( C.34:1B-336 et al.), in an amount less than the annual limitation for projects located in northern

counties or southern counties, as applicable, the uncommitted portion of the annual

limitation shall be available to be deployed by the authority in a subsequent year,

provided that the uncommitted portion of tax credits shall be awarded for projects

located in the applicable geographic area, except that (i) after the completion of

the third year of the nine-year period, the authority may deploy 50 percent of the

uncommitted portion of tax credits for any previous year without consideration to

the county in which a project is located; and (ii) after the completion of the sixth

year of the nine-year period, the authority may deploy all available tax credits,

including the uncommitted portion of the annual limitation for any previous year,

without consideration to the county in which a project is located; (g) except as provided in subparagraph (j) of this paragraph, for tax credits awarded

for transformative projects under the “New Jersey Aspire Program Act,” sections 54

through 67 of P.L.2020, c. 156 ( C.34:1B-322 through 34:1B-335 ), the total value of tax credits awarded during the nine-year period shall not exceed

$2.5 billion. The total value of tax credits awarded for transformative projects in a given year

shall not be subject to an annual limitation, except that the total value of tax credits

awarded to any transformative project shall not exceed $400 million; (h) from the tax credits made available, pursuant to subparagraph (f) of this paragraph,

to the “New Jersey Aspire Program Act,” sections 54 through 67 of P.L.2020, c. 156 ( C.34:1B-322 through 34:1B-335 ), and the “Emerge Program Act,” sections 68 through 81 of P.L.2020, c. 156 ( C.34:1B-336 et al.), not including tax credits awarded for transformative projects, an amount

not to exceed $350,000,000 shall be made available for qualified offshore wind projects

awarded a credit pursuant to section 6 of P.L.2010, c. 57 ( C.34:1B-209.4 ) during the first three years of the nine-year period; (i) beginning in fiscal year 2023, from the tax credits made available, pursuant to

subparagraph (f) of this paragraph, to the “New Jersey Aspire Program Act,” sections

54 through 67 of P.L.2020, c. 156 ( C.34:1B-322 through 34:1B-335 ), and the “Emerge Program Act,” sections 68 through 81 of P.L.2020, c. 156 ( C.34:1B-336 et al.), not including tax credits awarded for transformative projects, additional

amounts shall be made available for New Jersey studio partners and New Jersey film-lease

production companies pursuant to sections 1 and 2 of P.L.2018, c. 56 ( C.54:10A-5.39b and C.54A:4-12b ); and (j) beginning in fiscal year 2024, from the tax credits made available, pursuant to

subparagraph (f) of this paragraph, to the “New Jersey Aspire Program Act,” sections

54 through 67 of P.L.2020, c. 156 ( C.34:1B-322 through 34:1B-335 ) and the “Emerge Program Act,” sections 68 through 81 of P.L.2020, c. 156 ( C.34:1B-336 et al.), not including tax credits awarded for transformative projects, an amount

not to exceed $500,000,000 may be annually transferred for the award to transformative

projects under the “New Jersey Aspire Program Act,” sections 54 through 67 of P.L.2020, c. 156 ( C.34:1B-322 through 34:1B-335 ), provided that: (i) the remaining allocation of tax credits otherwise available

for transformative projects, pursuant to subparagraph (g) of this paragraph, is less

than $1,000,000,000; and (ii) the authority board determines that the transfer of

tax credits is warranted based on such criteria as the authority deems appropriate,

which may include the criteria set forth in paragraph (2) of this subsection. If a transfer of tax credits is made pursuant to this subparagraph, the authority

shall award no greater than 65 percent of the tax credits transferred pursuant to

this subparagraph to transformative projects located in the northern counties of the

State and no greater than 35 percent of the tax credits transferred pursuant to this

subparagraph to transformative projects located in the southern counties of the State. (2) The authority may in any given year determine that it is in the State's interest

to approve an amount of tax credits in excess of the annual limitations set forth

in paragraph (1) of this subsection, but in no event more than $200,000,000 in excess

of the annual limitation, upon a determination by the authority board that such increase

is warranted based on specific criteria that may include: (i) the increased demand for opportunities to create or retain employment and investment

in the State as indicated by the volume of project applications and the amount of

tax credits being sought by those applications; (ii) the need to protect the State's economic position in the event of an economic

downturn; (iii) the quality of project applications and the net economic benefit to the State

and municipalities associated with those applications; (iv) opportunities for project applications to strengthen or protect the competitiveness

of the State under the prevailing market conditions; (v) enhanced access to employment and investment for underserved populations in distressed

municipalities and qualified incentives tracts; (vi) increased investment and employment in high-growth technology sectors and in

projects that entail collaboration with education institutions in the State; (vii) increased development proximate to mass transit facilities; (viii) any other factor deemed relevant by the authority. c. In the event that the authority in any year approves projects for tax credits in

an amount less than the annual limitations set forth in paragraph (1) of subsection

b. of this section, then the uncommitted portion of the annual limitation shall be

available to be deployed by the authority in future years for projects under the same

program; provided however, that in no event shall the aggregate amount of tax credits

approved be in excess of the overall cap of $11.5 billion, and in no event shall the

uncommitted portion of the annual limitation for any previous year be deployed after

the conclusion of the nine-year period. d. Notwithstanding the provisions of any other law to the contrary, the uncommitted

balance of the total value of tax credits authorized for award by the authority pursuant

to subparagraph (f) of paragraph (1) of subsection b. of this section to the “New

Jersey Aspire Program Act,” sections 54 through 67 of P.L.2020, c. 156 ( C.34:1B-322 et seq. ), and the “Emerge Program Act,” sections 68 through 81 of P.L.2020, c. 156 ( C.34:1B-336 et al.), shall be made available for tax credits allowed to New Jersey studio partners

and New Jersey film-lease production companies pursuant to sections 1 and 2 of P.L.2018, c. 56 ( C.54:10A-5.39b and C.54A:4-12b ). The value of tax credits, including tax credits allowed through the granting of tax

credit transfer certificates, made available to New Jersey studio partners and New

Jersey film-lease production companies pursuant to this subsection shall be as follows: (1) in fiscal year 2023, $250,000,000 for New Jersey studio partners and $250,000,000

for New Jersey film-lease production companies; (2) in fiscal year 2024, $250,000,000 for New Jersey studio partners and $250,000,000

for New Jersey film-lease production companies; and (3) in fiscal year 2025, $250,000,000 for New Jersey studio partners and $250,000,000

for New Jersey film-lease production companies. If the value of tax credits, including tax credits allowed through the granting of

tax credit transfer certificates, approved to New Jersey studio partners and New Jersey

film-lease production companies in any fiscal year pursuant to this subsection is

less than the cumulative total amount of tax credits permitted to be approved in that

fiscal year, the authority shall certify the amount of the remaining tax credits available

for approval to each such category in that fiscal year, and shall increase the cumulative

total amount of tax credits permitted to be approved for New Jersey studio partners

and New Jersey film-lease production companies in the subsequent fiscal year by the

certified amount remaining for each such category from the prior fiscal year.