2023 New Jersey Revised Statutes
Title 54 - Taxation
Section 54:32B-8.47d - Annual review of financial records.
54:32B-8.47d Annual review of financial records.
3. a. The division, in consultation with the authority, shall annually review the financial records of a recovered materials manufacturing facility or a recycled materials manufacturing facility that is eligible for a sales and use tax exemption pursuant to section 2 of P.L.2019, c.437 (C.54:32B-8.47c), in order to determine whether it is economically feasible for the State to continue to allow that recovered materials manufacturing facility or recycled materials manufacturing facility to receive that sales and use tax exemption.
b. (1) Upon the completion of the review required by this section, the division, in consultation with the authority, shall prepare and submit, pursuant to section 2 of P.L.1991, c.164 (C.52:14-19.1), an annual report to the Legislature containing their recommendation as to whether the sales and use tax exemption should be continued or whether the exemption should be altered, terminated, or repealed.
(2) For a recovered materials manufacturing facility, the division, in consultation with the authority, shall submit the first annual report on the first day of the ninth month following the commencement of the tax exemption period and shall review the period beginning with the first day after the commencement of the tax exemption period and extending for the subsequent six months. Each of the six subsequent annual reports shall review the 12-month period beginning on the first day after the close of the prior reporting period. For a recycled materials manufacturing facility, the division, in consultation with the authority, shall submit the first annual report on the first day of the ninth month following the commencement of the tax exemption period and shall review the period beginning with the first day after the commencement of the tax exemption period. Each subsequent annual report shall review the 12-month period beginning on the first day after the close of the prior reporting period.
c. The annual reports shall review the financial records of such a recovered materials manufacturing facility or recycled materials manufacturing facility for the preceding one-year period. As a condition of receiving the sales and use tax exemption, the recovered materials manufacturing facility or recycled materials manufacturing facility shall make its financial records available to the division and the authority and shall provide such other information as may be required by the division and the authority to complete their review and assessment pursuant to this section.
d. Related to the sales and use tax exemption for recycled materials manufacturing facilities, if the division, in consultation with the authority, continues to recommend the sales and use tax exemption for recycled materials manufacturing facilities as a part of the seventh annual review, the sales and use tax exemption for recycled materials manufacturing facilities shall remain in effect for an additional year. The provision of the sales and use tax exemption for recycled materials manufacturing facilities shall be extended on a yearly basis and remain in effect until such time that the division, in consultation with the authority, recommends the termination of that sales and use tax exemption.
L.2019, c.437, s.3; amended 2021, c.213, s.3.
