New Jersey § 52:27d-489f

§ 52:27d-489f.

a. Up to the limits established in subsection b. of this section and in accordance

with a redevelopment incentive grant agreement, beginning upon the receipt of occupancy

permits for any portion of the redevelopment project, or upon any other event evidencing

project completion as set forth in the incentive grant agreement, the State Treasurer

shall pay to the developer incremental State revenues directly realized from businesses

operating at the site of the redevelopment project from the following taxes: the

Corporation Business Tax Act (1945), P.L.1945, c. 162 ( C.54:10A-1 et seq. ), the tax imposed on marine insurance companies pursuant to R.S.54:16-1 et seq. , the tax imposed on insurers generally, pursuant to P.L.1945, c. 132 ( C.54:18A-1 et seq. ), the public utility franchise tax, public utilities gross receipts tax and public

utility excise tax imposed on sewerage and water corporations pursuant to P.L.1940,

c. 5 ( C.54:30A-49 et seq. ), those tariffs and charges imposed by electric, natural gas, telecommunications,

water and sewage utilities, and cable television companies under the jurisdiction

of the New Jersey Board of Public Utilities, or comparable entity, except for those

tariffs, fees, or taxes related to societal benefits charges assessed pursuant to

section 12 of P.L.1999, c. 23 ( C.48:3-60 ), any charges paid for compliance with the “Global Warming Response Act,” P.L.2007, c. 112 ( C.26:2C-37 et seq. ), transitional energy facility assessment unit taxes paid pursuant to section 67

of P.L.1997, c. 162 ( C.48:2-21.34 ), and the sales and use taxes on public utility and cable television services and

commodities, the tax derived from net profits from business, a distributive share

of partnership income, or a pro rata share of S corporation income under the “New

Jersey Gross Income Tax Act,” N.J.S.54A:1-1 et seq. , the tax derived from a business at the site of a redevelopment project that is required

to collect the tax pursuant to the “Sales and Use Tax Act,” P.L.1966, c. 30 ( C.54:32B-1 et seq. ), the tax imposed pursuant to P.L.1966, c. 30 ( C.54:32B-1 et seq. ) from the purchase of furniture, fixtures and equipment, or materials for the remediation,

the construction of new structures at the site of a redevelopment project, the hotel

and motel occupancy fee imposed pursuant to section 1 of P.L.2003, c. 114 ( C.54:32D-1 ), or the portion of the fee imposed pursuant to section 3 of P.L.1968, c. 49 ( C.46:15-7 ) derived from the sale of real property at the site of the redevelopment project

and paid to the State Treasurer for use by the State, that is not credited to the

“Shore Protection Fund” or the “Neighborhood Preservation Nonlapsing Revolving Fund”

(“New Jersey Affordable Housing Trust Fund”) pursuant to section 4 of P.L.1968, c.

49 ( C.46:15-8 ). Any developer shall be allowed to assign their ability to apply for the tax credit

under this subsection to a non-profit organization with a mission dedicated to attracting

investment and completing development and redevelopment projects in a Garden State

Growth Zone. The non-profit organization may make an application on behalf of a developer which

meets the requirements for the tax credit, or a group of non-qualifying developers,

such that these will be considered a unified project for the purposes of the incentives

provided under this section. b. (1)(a) Up to an average of 75 percent of the projected annual incremental revenues

or 85 percent of the projected annual incremental revenues in a Garden State Growth

Zone may be pledged towards the State portion of an incentive grant. (b) State incentive grants not to exceed an aggregate total value of $75,000,000 shall

be made available by the authority for applications submitted after the effective

date of P.L.2020, c. 156, but prior to December 31, 2021, for projects that are predominantly commercial and

contain 100,000 or more square feet of office and retail space, or industrial space

for purchase or lease, and may include a parking component. The developer of a project seeking an award of credits for a project restricted

under this subparagraph shall submit an incentive grant application prior to December

31, 2021, and if approved after the effective date of P.L.2020, c. 156, shall submit a temporary certificate of occupancy for the project no later than December

31, 2024. In addition to the requirements for an incentive award set forth in P.L.2009, c. 90 ( C.52:27D-489a et al.), a developer shall be eligible to receive an award of credits for a project

restricted under this subparagraph only if the developer demonstrates to the authority

at that time of application that: (i) the project shall comply with minimum environmental

and sustainability standards; (ii) the project shall comply with the authority's

affirmative action requirements, adopted pursuant to section 4 of P.L.1979, c. 303

( C.34:1B-5.4 ); (iii) each worker employed by the developer, or subcontractor of a developer working

at the project, shall be paid not 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; and (iv) during the eligibility period, each worker employed

to perform construction work or building services work at the project shall be paid

not less than the prevailing wage rate for the worker's craft or trade, as determined

by the Commissioner of Labor and Workforce Development pursuant to P.L.1963, c. 150

( C.34:11-56.25 et seq. ) and P.L.2005, c. 379 ( C.34:11-56.58 et seq. ). (2) In the case of a qualified residential project or a project involving university

infrastructure, if the authority determines that the estimated amount of incremental

revenues pledged towards the State portion of an incentive grant is inadequate to

fully fund the amount of the State portion of the incentive grant, then in lieu of

an incentive grant based on the incremental revenues, the developer shall be awarded

tax credits equal to the full amount of the incentive grant. (3) In the case of a mixed use parking project, if the authority determines that the

estimated amount of incremental revenues pledged towards the State portion of an incentive

grant is inadequate to fully fund the amount of the State portion of the incentive

grant, then, in lieu of an incentive grant based on the incremental revenues, the

developer shall be awarded tax credits equal to the full amount of the incentive grant. The value of all credits approved by the authority pursuant to paragraphs (2) and

(3) of this subsection shall not exceed $993,000,000 , of which: (a) $250,000,000 shall be restricted to qualified residential projects within Atlantic,

Burlington, Camden, Cape May, Cumberland, Gloucester, Ocean, and Salem counties, of

which $175,000,000 of the credits shall be restricted to the following categories

of projects: (i) qualified residential projects located in a Garden State Growth

Zone located within the aforementioned counties; and (ii) mixed use parking projects

located in a Garden State Growth Zone or urban transit hub located within the aforementioned

counties; (iii) and $75,000,000 of the credits shall be restricted to qualified residential

projects in municipalities with a 2007 Municipal Revitalization Index of 400 or higher

as of the date of enactment of the “New Jersey Economic Opportunity Act of 2013,” P.L.2013, c. 161 ( C.52:27D-489p et al.) and located within the aforementioned counties; (b) $440,000,000 shall be restricted to the following categories of projects: (i) qualified residential

projects located in urban transit hubs that are commuter rail in nature that otherwise

do not qualify under subparagraph (a) of this paragraph; (ii) qualified residential

projects located in Garden State Growth Zones that do not qualify under subparagraph

(a) of this paragraph; (iii) mixed use parking projects located in urban transit

hubs or Garden State Growth Zones that do not qualify under subparagraph (a) of this

paragraph, provided however, an urban transit hub shall be allocated no more than

$25,000,000 for mixed use parking projects; (iv) qualified residential projects which

are disaster recovery projects that otherwise do not qualify under subparagraph (a)

of this paragraph; (v) qualified residential projects in SDA municipalities located

in Hudson County that were awarded State Aid in State Fiscal Year 2013 through the

Transitional Aid to Localities program and otherwise do not qualify under subparagraph

(a) of this paragraph; (vi) $25,000,000 of credits shall be restricted to mixed use

parking projects in Garden State Growth Zones which have a population in excess of

125,000 and do not qualify under subparagraph (a) of this paragraph; (vii) $40,000,000

of credits shall be restricted to qualified residential projects that include a theater

venue for the performing arts and do not qualify under subparagraph (a) of this paragraph,

which projects are located in a municipality with a population of less than 100,000

according to the latest federal decennial census, and within which municipality is

located an urban transit hub and a campus of a public research university, as defined

in section 1 of P.L.2009, c. 308 ( C.18A:3B-46 ); and (viii) $150,000,000 of credits shall be restricted to qualified residential projects and mixed use parking

projects in Garden State Growth Zones having a population in excess of 125,000 and

do not qualify under subparagraph (a) of this paragraph; (c) $87,000,000 shall be restricted to the following categories of projects: (i)

qualified residential projects located in distressed municipalities, deep poverty

pockets, highlands development credit receiving areas or redevelopment areas, otherwise

not qualifying pursuant to subparagraph (a) or (b) of this paragraph; and (ii) mixed

use parking projects that do not qualify under subparagraph (a) or (b) of this paragraph,

and which are used by an independent institution of higher education, a school of

medicine, a nonprofit hospital system, or any combination thereof; provided, however,

that $20,000,000 of the $87,000,000 shall be allocated to mixed use parking projects

that do not qualify under subparagraph (a) or (b) of this paragraph; (d)(i) $16,000,000 shall be restricted to qualified residential projects that are

located within a qualifying economic redevelopment and growth grant incentive area

otherwise not qualifying under subparagraph (a), (b), or (c) of this paragraph; and (ii) an additional $50,000,000 shall be restricted to qualified residential projects

which, as of the effective date of P.L.2016, c. 51, are located in a city of the first class with a population in excess of 270,000,

are subject to a Renewal Contract for a Section 8 Mark-Up-To-Market Project from the

United States Department of Housing and Urban Development, and for which an application

for the award of tax credits under this subsection was submitted prior to January

1, 2016; (e) $25,000,000 shall be restricted to projects involving university infrastructure;

and (f) (Deleted by amendment, P.L.2021, c. 160 ) (g) $125,000,000 shall be restricted to applications submitted after the effective

date of P.L.2020, c. 156 ( C.34:1B-269 et al.) for residential projects in any county of the State. (h) For subparagraphs (a) through (d) of this paragraph, not more than $40,000,000

of credits shall be awarded to any qualified residential project in a deep poverty

pocket or distressed municipality and not more than $20,000,000 of credits shall be

awarded to any other qualified residential project. The developer of a qualified residential project seeking an award of credits towards

the funding of its incentive grant shall submit an incentive grant application prior

to July 1, 2016 and if approved after September 18, 2013, the effective date of P.L.2013, c. 161 ( C.52:27D-489p et al.) shall submit a temporary certificate of occupancy for the project no later

than December 31, 2023. The developer of a mixed use parking project seeking an award of credits towards

the funding of its incentive grant pursuant to subparagraph (c) of this paragraph

and if approved after the effective date of P.L.2015, c. 217, shall submit a temporary certificate of occupancy for the project no later than December

31, 2023. The developer of a qualified residential project or a mixed use parking project

seeking an award of credits toward the funding of its incentive grant for a project

restricted under categories (vi) and (viii) of subparagraph (b) of this paragraph

shall submit an incentive grant application prior to July 1, 2019 or, in the case

of a project restricted under category (viii) of subparagraph (b) of this paragraph,

December 31, 2021, and if approved after the effective date of P.L.2017, c. 59, shall submit a temporary certificate of occupancy for the project no later than June 30, 2026 provided that the municipality in which the project is located shall have submitted

to the chief executive officer of the authority a letter of support identifying up

to six projects prior to July 1, 2018. The letter of support is to contain a project scope for each of the projects and

may be supplemented or amended from time to time until July 1, 2019 or, in the case

of a project restricted under categories (vi) and (viii) of subparagraph (b) of this paragraph, December 31, 2022 . Applications for tax credits pursuant to this subsection relating to an ancillary

infrastructure project or infrastructure improvement in the public right-of-way, or

both, shall be accompanied with a letter of support relating to the project or improvement

by the governing body or agency in which the project is located. Credits awarded to a developer pursuant to this subsection shall be subject to the

same financial and related analysis by the authority, the same term of the grant,

and the same mechanism for administering the credits, and shall be utilized or transferred

by the developer as if the credits had been awarded to the developer pursuant to section

35 of P.L.2009, c. 90 ( C.34:1B-209.3 ) for qualified residential projects thereunder. No portion of the revenues pledged pursuant to the “New Jersey Economic Opportunity

Act of 2013,” P.L.2013, c. 161 ( C.52:27D-489p et al.) shall be subject to withholding or retainage for adjustment, in the event

the developer or taxpayer waives its rights to claim a refund thereof. (i) The developer of a project seeking an award of credits for a project restricted

under subparagraph (g) of this paragraph shall submit an incentive grant application

prior to December 31, 2021, and if approved after the effective date of P.L.2020, c. 156 ( C.34:1B-269 et al.), shall submit a temporary certificate of occupancy for the project no later

than December 31, 2024. In addition to the requirements for an award of credits set forth in P.L.2009, c. 90 ( C.52:27D-489a et al.), a developer shall be eligible to receive an award of credits for a project

restricted under subparagraph (g) of this paragraph only if the developer demonstrates

to the authority at that time of application that: (i) the project shall comply with

minimum environmental and sustainability standards; (ii) the project shall comply

with the authority's affirmative action requirements, adopted pursuant to section

4 of P.L.1979, c. 303 ( C.34:1B-5.4 ); (iii) each worker employed by the developer or subcontractor of a developer working

at the project shall be paid not 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; and (iv) during the eligibility period, each worker employed

to perform construction work or building services work at the project shall be paid

not less than the prevailing wage rate for the worker's craft or trade, as determined

by the Commissioner of Labor and Workforce Development pursuant to P.L.1963, c. 150

( C.34:11-56.25 et seq. ) and P.L.2005, c. 379 ( C.34:11-56.58 et seq. ). Prior to the board considering an application submitted by a developer for a project

restricted under subparagraph (g) of this paragraph, 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 developer is in substantial

good standing with the respective department, or has entered into an agreement with

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

developer. The developer, or an authorized agent of the developer, shall certify to the authority

that all factual assertions made in the developer's application are true under the

penalty of perjury. If at any time the authority determines that the developer made a material misrepresentation

on the developer's application, the developer shall forfeit the award of credits and

the authority shall recapture any tax credits awarded to the developer. (4) A developer may apply to the Director of the Division of Taxation in the Department

of the Treasury and the chief executive officer of the authority for a tax credit

transfer certificate, if the developer is awarded a tax credit pursuant to paragraph

(2) or paragraph (3) of this subsection, covering one or more years, in lieu of the

developer being allowed any amount of the credit against the tax liability of the

developer. The tax credit transfer certificate, upon receipt thereof by the developer from

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

in full or in part, to any other person who 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 C.54:18A-3 ), section 1 of P.L.1950, c. 231 ( C.17:32-15 ), or N.J.S.17B:23-5 . The certificate provided to the developer shall include a statement waiving the

developer's right to claim that amount of the credit against the taxes that the developer

has elected to sell or assign. The sale or assignment of any amount of a tax credit transfer certificate allowed

under this paragraph shall not be exchanged for consideration received by the developer

of less than 75 percent of the transferred credit amount before considering any further

discounting to present value that may be permitted. Any amount of a tax credit transfer certificate used by a purchaser or assignee

against a tax liability shall be subject to the same limitations and conditions that

apply to the use of the credit by the developer who originally applied for and was

allowed the credit. c. All administrative costs associated with the incentive grant shall be assessed

to the applicant and be retained by the State Treasurer from the annual incentive

grant payments. d. The incremental revenue for the revenues listed in subsection a. of this section

shall be calculated as the difference between the amount collected in any fiscal year

from any eligible revenue source included in the State redevelopment incentive grant

agreement, less the revenue increment base for that eligible revenue. e. The municipality is authorized to collect any information necessary to facilitate

grants under this program and remit that information in order to assist in the calculation

of incremental revenue.