2013 New Jersey Revised Statutes
Section 34:1B-245 - Agreement required prior to issuance of tax credits.

NJ Rev Stat § 34:1B-245 (2013) What's This?

34:1B-245 Agreement required prior to issuance of tax credits.

4.The authority shall require an eligible business to enter an agreement prior to the issuance of tax credits. The agreement shall include, but shall not be limited to, the following:

a.A detailed description of the proposed project which will result in job creation or retention, and the number of full-time employees.

b.The term of the tax credits, and the first year for which the tax credits may be claimed.

c.Personnel information that will enable the authority to administer the program.

d.A requirement that the applicant maintain the project at a location in New Jersey for at least 1.5 times the number of years of the term of the tax credits, with at least the number of full-time employees as required by section 6 of P.L.2011, c.149 (C.34:1B-247) and a provision to permit the authority to recapture all or part of any tax credit awarded, at its discretion, if the business does not remain at the site for the required term.

e.A method for the business to report annually to the authority the number of full-time employees for which the tax credits are to be made.

f.A provision permitting an audit of the payroll records of the business from time to time, as the authority deems necessary.

g.A provision which permits the authority to amend the agreement.

h.A provision establishing the conditions under which the agreement may be terminated and awarded tax credits are recaptured, in whole or in part, by the authority at its discretion.

L.2011, c.149, s.4.

Disclaimer: These codes may not be the most recent version. New Jersey may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.