New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 47 - NEIGHBORHOOD REVITALIZATION STATE TAX CREDIT
Subchapter 6 - SUBMISSION OF APPLICATION BY BUSINESS ENTITY; ISSUANCE OF CERTIFICATES
Section 5:47-6.1 - Business applications
Universal Citation: NJ Admin Code 5:47-6.1
Current through Register Vol. 56, No. 18, September 16, 2024
(a) Any business entity seeking a certificate for neighborhood revitalization tax credits shall submit an application to the Department, which shall include the following information:
1. Whether the
certificate is for the current year, or for more than one year, and if so, how
many years;
2. The amount of
assistance the business entity proposes to provide for each year for which it
seeks a certificate, which shall be not less than $ 25,000 per year;
and
3. Whether it proposes to
provide the assistance to a specific project or projects; if so, it shall
identify:
i. The municipality in which the
project is located;
ii. The
neighborhood for which the project is planned; and
iii. The nonprofit organization submitting
the project;
4. Whether
the business entity or any wholly owned subsidiary has previously received any
certificates, and if so, the status of the assistance payments required under
those certificates;
5. If the
business entity or any wholly owned subsidiary has failed to provide assistance
pursuant to a previous approval, a statement of reasons for the failure to
provide assistance and of why the entity should not be barred from receiving an
additional certificate; and
6. The
type of tax or taxes for which the business entity seeks to receive credit.
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