New Jersey § 52:27d-492

§ 52:27d-492.

A business entity shall be eligible for a certificate for neighborhood revitalization

State tax credits if it has provided funding for a qualified project that has been

approved in accordance with sections 4 and 5 of P.L.2001, c. 415 ( C.52:27D-493 and C.52:27D-494 ). a. Credits may be granted in an amount up to 100 percent of the approved assistance

provided to a nonprofit organization to implement a qualified neighborhood preservation

and revitalization project. b. The credit may be applied by the business entity receiving the certificate as credit

against tax imposed on business related income including, but not limited to, business

income subject to the provisions of the Corporation Business Tax Act (1945), P.L.1945,

c. 162 ( C.54:10A-1 et al.), “New Jersey Gross Income Tax Act,” N.J.S.54A:1-1 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 sewer and water utility excise tax imposed pursuant to section 6 of P.L.1940,

c. 5 ( C.54:30A-54 ) and the petroleum products gross receipts tax imposed pursuant to section 3 of P.L.1990, c. 42 ( C.54:15B-3 ). For a taxpayer applying credit to liability due pursuant to the “New Jersey Gross

Income Tax Act,” N.J.S.54A:1-1 et seq. , the credit allowed pursuant to this section shall only be applied to the amount

of gross income tax liability for the taxable year, which as a percentage of gross

income tax liability, is equal to the percentage of the taxpayer's gross income that

is attributable to the taxpayer's business entity through which the taxpayer provided

the funding for the qualified project. For purposes of determining the amount of gross income tax liability to which a

credit allowed pursuant to this section may be applied, gross income shall be calculated

without the application of exclusions or deductions. c. The credit allowed to a business entity under this section may not exceed for any

taxable year $1,000,000 or the total amount of tax otherwise payable by the business

entity for the taxable year and, in addition, shall not exceed limitations placed

on the amounts of credits or carryforward credits allowed, if any, under the relevant

statute as enumerated in subsection b. of this section concerning the tax for which

a credit is being claimed. d. Credit shall not be allowed for activities for which the business entity is receiving

credit under any other provision against any tax on business related income including,

but not limited to, the corporation business tax, New Jersey gross income tax, corporate

income tax, insurance premiums tax, petroleum products gross receipts tax, public

utilities franchise tax, public utilities gross receipts tax, public utility excise

tax, railroad franchise tax, and the saving institution tax. e. The tax credit shall be awarded only for assistance provided within the same year

in which the commissioner issued the certificate, or if the commissioner approved

assistance for more than one year, within the year in which payment was scheduled

and made. The provisions of this subsection may be waived for good cause shown. f. The total tax credits certified for all qualified projects proposed in a fiscal

year shall not exceed $15,000,000 .