New Jersey § 5:12-179

§ 5:12-179.

a. Notwithstanding any other law or any other section of this 1984 amendatory and

supplementary act to the contrary, a casino licensee may seek a determination of eligibility

from the Casino Reinvestment Development Authority for an equity investment commenced

or a donation made prior to the adoption by the Casino Reinvestment Development Authority

of its rules and regulations pursuant to subsection h. of section 3 of P.L.1984, c.

218 ( C. 5:12-144.1 ) if: (1) The application concerns an equity investment in, or donation of money or realty

in support of, the rehabilitation, development or construction of housing facilities

in the Inlet section of the city of Atlantic City for persons or families of low through

middle income as defined and required by subsection f. of section 3 of P.L.1984, c.

218 ( C. 5:12-144.1 ); (2) The Casino Reinvestment Development Authority finds that the investment or donation

is consistent with the requirements of section 25 of P.L.1984, c. 218 ( C. 5:12-173 ) and in particular, that the housing facilities which are the recipients of the investment

or donation are compatible with the proposal for the development of a balanced residential

community in the Inlet section of the city of Atlantic City approved and adopted by

the Casino Control Commission; and (3) The licensee applies to the Casino Reinvestment Development Authority for a determination

of eligibility for the investment or donation within 90 days of the adoption by the

Casino Reinvestment Development Authority of its rules and regulations pursuant to

subsection h. of section 3 of P.L.1984, c. 218 ( C. 5:12-144.1 ), and subsequently obtains a determination of eligibility for the investment or donation

in accordance with the rules and regulations of the Casino Reinvestment Development

Authority. b. Notwithstanding any other law or section of this 1984 amendatory and supplementary

act to the contrary, a casino licensee may seek a determination of eligibility from

the Casino Reinvestment Development Authority for an investment in, guarantee of,

or a contractual commitment for an investment in or guarantee of infrastructure requirements,

such as public roads, streets, intersections and sewer and water facilities, made

prior to the adoption by the Casino Reinvestment Development Authority of its rules

and regulations pursuant to subsection h. of section 3 of P.L.1984, c. 218 ( C. 5:12-144.1 ) which are dedicated to the public use and benefit society as a whole. To the extent any such investment in or guarantee of infrastructure requirements

exceeds the demand for such requirements created by an approved casino hotel or related

facility and thus does not finance infrastructure improvements required to be made

by a casino licensee pursuant to subsection e. of section 84 of P.L.1977, c. 110 ( C. 5:12-84 ), the excess investment or guarantee may, in the sole discretion of the Casino Reinvestment

Development Authority, be considered an eligible investment or project if the authority

finds that the investment or guarantee serves the most pressing social and economic

needs of the residents of the city of Atlantic City and otherwise satisfies the requirements

of section 25 of this 1984 amendatory and supplementary act. 1 c. If a casino licensee obtains a determination of eligibility for an investment or

donation pursuant to subsection a. or b. of this section, the investment or donation

shall first be used to satisfy the licensee's most recently incurred investment obligation

under subsection b. of section 144 of P.L.1977, c. 110 ( C. 5:12-144 ). If the licensee has no outstanding investment obligations under subsection b. of

section 144 of P.L.1977, c. 110 ( C. 5:12-144 ) at the time the determination of eligibility is obtained, the licensee shall be

entitled to an investment tax credit against the tax imposed by subsection a. of section

3 of P.L.1984, c. 218 ( C. 5:12-144.1 ) in an amount equal to twice the amount of the eligible equity investment or donation

made by the licensee. 1

N.J.S.A. § 5:12-173.