New Jersey Administrative Code
Title 18 - TREASURY - TAXATION
Chapter 34 - DIRECTOR'S TAX CREDIT PURCHASE PROGRAM
Subchapter 1 - DIRECTOR'S TAX CREDIT PURCHASE PROGRAM
Section 18:34-1.7 - Determination of tax credit purchase amount

Universal Citation: NJ Admin Code 18:34-1.7

Current through Register Vol. 56, No. 18, September 16, 2024

(a) Except for credits initially issued pursuant to the Emerge Program Act, sections 68 through 81 at P.L. 2020, c. 156 (N.J.S.A. 34:1B-336 through 373) or the New Jersey Community-Anchored Development Program, sections 43 through 53 at P.L. 2020, c. 156 (N.J.S.A. 34:1B-311 through 321), credits presented for purchase through the Director's Tax Credit Purchase Program shall be eligible for purchase based upon the following criteria:

1. An eligible program tax credit presented more than three years before its expiration shall be eligible for purchase at a value not to exceed 20 percent of the value of the credit;

2. An eligible program tax credit presented more than two years before its expiration, but less than three years before its expiration, shall be eligible for purchase at a value not to exceed 40 percent of the value of the credit;

3. An eligible program tax credit presented more than one year before its expiration, but less than two years before its expiration, shall be eligible for purchase at a value not to exceed 60 percent of the value of the credit; and

4. An eligible program tax credit presented less than one year before its expiration, but at least 90 days before its expiration, shall be eligible for purchase at a value not to exceed 75 percent of the value of the credit.

(b) Notwithstanding any provisions to the contrary, credits issued pursuant to the Emerge Program Act, sections 68 through 81 at P.L. 2020, c. 156 (N.J.S.A. 34:1B-336 through 373) and the New Jersey Community-Anchored Development Program, sections 43 through 53 at P.L. 2020, c. 156 (N.J.S.A. 34:1B-311 through 321), that are presented for purchase shall not be presented less than two years after issuance and shall be reimbursed at 90 percent of the value of the credit.

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