New Jersey § 52:27d-498

§ 52:27d-498.

a. In order to administer the neighborhood preservation and revitalization tax credit

program, the department shall establish any necessary forms, procedures or rules to

effectuate P.L.2001, c. 415 ( C.52:27D-490 et seq. ) , in accordance with the “Administrative Procedure Act,” P.L.1968, c. 410 ( C.52:14B-1 et seq. ). The department shall seek to foster use of the tax credit and to make the tax credit

simple to apply for and simple to use. b. The department shall act as a clearinghouse. It shall maintain lists of qualified projects and of business entities that have

expressed a desire to provide assistance to qualified projects. The department shall pool applications from business entities in order to provide

assistance to qualified projects as provided in section 7 of P.L.2001, c. 415 ( C.52:27D-496 ). c. The department shall give priority in processing to applications that demonstrate

a multi-year commitment by the business entity to implementation of the neighborhood

preservation and revitalization plan. d. The department shall submit to the Governor and Legislature an annual report which

shall include at least: (1) the purpose and effectiveness of the credit; (2) the benefits of the credit to the State; (3) any recommendations by the department as to changes in legislation needed to better

carry out the purposes of P.L.2001, c. 415 ( C.52:27D-490 et seq. ). e. For each application by, or on behalf of, a business entity to approve assistance

for a project, the department may charge a fee of up to five percent of the amount of assistance proposed, or approved, whichever is less, to

pay for the administration of this program. The department may require that up to one third of this amount be paid at the time

of submission of the application or declaration of intent, and that the balance be

taken from the amount deposited into the trust fund upon deposit therein.