2023 New Jersey Revised Statutes
Title 34 - Labor and Workmen's Compensation
Section 34:1B-320 - Report by anchor institution.
34:1B-320 Report by anchor institution.
52. a. An anchor institution and, if applicable, each partner institution that is awarded a tax credit under sections 43 through 53 of P.L.2020, c.156 (C.34:1B-311 through C.34:1B-321) shall, commencing in the year in which the tax credit is awarded, and each year thereafter for the remainder of the eligibility period, submit a report indicating whether the anchor institution and, if applicable, each partner institution is aware of any condition, event, or act that would cause the anchor institution or partner institution not to be in compliance with the tax credit agreement or the provisions of sections 43 through 53 of P.L.2020, c.156 (C.34:1B-311 through C.34:1B-321) and any additional reporting requirements contained in the tax credit agreement or tax credit certificate. The anchor institution and, if applicable, each partner institution, or an authorized agent of the anchor institution or partner institution, shall certify under the penalty of perjury that the information provided pursuant to this subsection is true.
b. (1) Upon receipt and review of each report submitted during the eligibility period, the authority shall provide to the anchor institution and, if applicable, each partner institution and the Director of the Division of Taxation in the Department of the Treasury a certificate of compliance indicating the amount of tax credits awarded to the anchor institution and, if applicable, each partner institution for conversion into an authority investment in the community-anchored project, that the anchor institution and, if applicable, each partner institution may:
(a) offer for sale through the provision of a tax credit transfer certificate pursuant to section 53 of P.L.2020, c.156 (C.34:1B-321); or
(b) use as collateral or to secure any financial instrument approved by the authority to provide financing for the community-anchored project, if that use is in accordance with rules and regulations adopted by the authority, pursuant to the provisions of the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), to govern the use of program tax credits.
(2) Upon receipt by the director of the certificate of compliance, the director shall coordinate with the anchor institution and, if applicable, each partner institution and the authority to provide the anchor institution and, if applicable, each partner institution with a tax credit transfer certificate, as described in section 53 of P.L.2020, c.156 (C.34:1B-321), or a tax credit certificate for the value awarded by the authority for that year that the anchor institution and, if applicable, each partner institution may use as provided in paragraph (1) of this subsection b. and in accordance with the rules adopted pursuant to subparagraph (b) of paragraph (1) of this subsection.
L.2020, c.156, s.52.
