34:1B-209.3 Developers allowed certain tax credits.
35. a. (1) A developer, upon application to and approval from the authority, shall be allowed a credit of up to 35 percent of its capital investment, or up to 40 percent for a project located in a Garden State Growth Zone, made after the effective date of P.L.2009, c.90 (C.52:27D-489a et al.) but prior to its submission of documentation pursuant to subsection c. of this section, in a qualified residential project, pursuant to the restrictions and requirements of this section. To be eligible for any tax credits authorized under this section, a developer shall demonstrate to the authority, through a project pro forma analysis at the time of application, that the qualified residential project is likely to be realized with the provision of tax credits at the level requested, but is not likely to be accomplished by private enterprise without the tax credits. The value of all credits approved by the authority pursuant to this section for qualified residential projects may be up to $150,000,000, except as may be increased by the authority as set forth below and as set forth in paragraph (5) of this subsection; provided; however, that the combined value of all credits approved by the authority pursuant to section 3 of P.L.2007, c.346 (C.34:1B-209) and this section shall not exceed $1,750,000,000, except as may be increased by the authority as set forth in paragraph (5) of this subsection. The authority shall monitor application and allocation activity under P.L.2007, c.346 (C.34:1B-207 et seq.), and if sufficient credits are available after taking into account allocation under P.L.2007, c.346 (C.34:1B-207 et seq.) to those qualified business facilities for which applications have been filed or for which applications are reasonably anticipated, and if the executive director judges certain qualified residential projects to be meritorious, the aforementioned $150,000,000 cap may, in the discretion of the executive director, from time to time, be exceeded for allocation to qualified residential projects in amounts as the executive director deems reasonable, justified, and appropriate. In allocating all credits to qualified residential projects under this section, the executive director shall take into account, together with other factors deemed relevant by the executive director: input from the municipality in which the project is to be located; whether the project contributes to the recovery of areas affected by Hurricane Sandy; whether the project furthers specific State or municipal planning and development objectives, or both; and whether the project furthers a public purpose, such as catalyzing urban development or maximizing the value of vacant, dilapidated, outmoded, government-owned, or underutilized property, or both.
(2) A developer shall make or acquire capital investments totaling not less than $50,000,000 in a qualified residential project to be eligible for a credit under this section. A developer that acquires a qualified residential project shall also be deemed to have acquired the capital investment made or acquired by the seller.
(3) The capital investment requirement may be met by the developer or by one or more of its affiliates.
(4) A developer of a mixed use project shall be allowed a credit pursuant to subparagraph (a) or (b) of this paragraph, but not both.
(a) A developer shall be allowed a credit in accordance with this section for a qualified residential project that includes a mixed use project.
(b) A developer shall be allowed a credit of up to 35 percent of its capital investment, or up to 40 percent for a project located in a Garden State Growth Zone, made after the effective date of P.L.2011, c.89, but prior to its submission of documentation pursuant to subsection c. of this section, in a qualified residential project that is part of a mixed use project, provided that:
(i) the capital investment in the qualified residential project represents at least $17,500,000 of the total capital investment in the mixed use project; and
(ii) the total capital investment in the mixed use project of which the qualified residential project is a part is not less than $50,000,000.
The allowance of credits under this paragraph shall be subject to the restrictions and requirements, to the extent that those are not inconsistent with the provisions of this paragraph, set forth in paragraphs (1) through (3) of this subsection, including, but not limited to, the requirement prescribed in paragraph (1) of this subsection that the developer shall demonstrate to the authority, through a project pro forma analysis at the time of application, that the qualified residential project is likely to be realized with the provision of tax credits at the level requested but is not likely to be accomplished by private enterprise without the tax credits.
As used in this subparagraph:
"Mixed use project" means a project comprising both a qualified residential project and a qualified business facility.
(5) The authority may approve and allocate credits for qualified residential projects in a value sufficient to meet the requirements of all applications that were received by the authority between October 24, 2012 and December 21, 2012, without regard to the terms of any competitive solicitation, except for the $33,000,000 per project cap, and without need for reapplication by any applicant. The authority shall take final action on those applications prior to the 120th day after the date of enactment of the "New Jersey Economic Opportunity Act of 2013," P.L.2013, c.161 (C.52:27D-489p et al.).
b. (1) A developer shall apply for the credit under this section on or prior to December 21, 2012 but may thereafter supplement an application as may be requested by the authority. A developer shall submit its documentation for approval of its credit amount no later than December 31, 2023.
(2) If a developer has submitted an application under this section and the application has not been approved for any reason, the lack of approval shall not serve to prejudice in any way the consideration of a new application as may be submitted for the project for the provision of incentives offered pursuant to the "New Jersey Economic Opportunity Act of 2013," P.L.2013, c.161 (C.52:27D-489p et al.).
c. The credit shall be administered in accordance with the provisions of subsections c. and e. of section 3 of P.L.2007, c.346 (C.34:1B-209), as amended by section 32 of P.L.2009, c.90, and section 33 of P.L.2009, c.90 (C.34:1B-209.1), except that:
(1) all references therein to "business" and "qualified business facility" shall be deemed to refer respectively to "developer" and "qualified residential project," as those terms are defined in section 34 of P.L.2009, c.90 (C.34:1B-209.2); and
(2) all references therein to credits claimed by tenants and to reductions or disqualifications in credits as determined by annual review of the authority shall be disregarded.
For purposes of a "mixed use project" as that term is used and defined pursuant to subparagraph (b) of paragraph (4) of subsection a. of this section, "qualified business facility" means that term as defined pursuant to section 2 of P.L.2007, c.346 (C.34:1B-208).
L.2009, c.90, s.35; amended 2011, c.89, s.4; 2012, c.35, s.2; 2013, c.161, s.6; 2015, c.252, s.2; 2017, c.314, s.2; 2020, c.138, s.2.
Structure New Jersey Revised Statutes
Title 34 - Labor and Workmen's Compensation
Section 34:1-2 - Department continued; organization
Section 34:1-3 - Principal office
Section 34:1-4 - Commissioner; appointment, term and salary
Section 34:1-5.1 - Annual determination of resort municipalities.
Section 34:1-5.2 - Annual mean population of resort municipalities.
Section 34:1-5.3 - Estimated seasonal population of resort municipalities.
Section 34:1-5.4 - Rules, regulations.
Section 34:1-6 - Inspections; enforcement districts
Section 34:1-7 - Inspectors graded
Section 34:1-8 - Inspectors; duties
Section 34:1-9 - Personnel; employment; assignment and transfers; salaries
Section 34:1-10 - Additional personnel
Section 34:1-11 - Expenses allowed
Section 34:1-12 - Badges and certificates of authority
Section 34:1-13 - Oaths and affidavits; authority to administer
Section 34:1-14 - Inspectors not to engage in other business; hours of labor
Section 34:1-15 - Inspections and reports
Section 34:1-16 - Obstructing or impersonating officers; penalty
Section 34:1-17 - Minors; reports to school officers
Section 34:1-18 - Prosecutions for violations
Section 34:1-19 - Report to governor
Section 34:1-20 - Rules, regulations and orders
Section 34:1-24 - Fees for blue prints and publications
Section 34:1-25 - Moneys paid to state treasurer
Section 34:1-38.2 - Powers and duties of examining board
Section 34:1-41 - Expenses of members of mechanical inspection bureau
Section 34:1-44 - Inspectors; eligibility and qualifications; certificate
Section 34:1-45 - Examinations
Section 34:1-48 - Chief of bureau of statistics and records; appointment
Section 34:1-49 - Duties of bureau in general
Section 34:1-50 - Commercial statistics and information
Section 34:1-51 - Names of informants not to be divulged
Section 34:1-52 - Returns by employers
Section 34:1-53 - Penalty for failure to report
Section 34:1-54 - Power of chief of bureau to examine witnesses
Section 34:1-55 - Bulletins and pamphlets
Section 34:1-56 - Industrial directory
Section 34:1-57 - Workmen's compensation bureau; director; compensation
Section 34:1-57.2 - First director
Section 34:1-58 - Deputy commissioner; compensation board
Section 34:1-59 - Bureau of employment
Section 34:1-60 - Subdivisions of employment bureau
Section 34:1-61 - Co-operation; advisory assistants
Section 34:1-63 - Information as to employment
Section 34:1-64 - Publication of information
Section 34:1-65 - Records of strikes
Section 34:1-66 - Migrant laborers
Section 34:1-67 - Veterans aided
Section 34:1-68 - Lists of sources of employment
Section 34:1-69 - No fees permitted
Section 34:1-69.1 - Division of the deaf
Section 34:1-69.2 - Director of the division of the deaf
Section 34:1-69.3 - Duties of director
Section 34:1-69.3a - Annual report
Section 34:1-69.4 - Assistants; qualifications; compensation
Section 34:1-69.5 - Compensation and expenses of director
Section 34:1-69.6 - "Deaf" defined
Section 34:1-69.7 - Legislative findings and declarations
Section 34:1-69.8 - Definitions
Section 34:1-69.9 - Intermediary interpreter to assist qualified interpreter
Section 34:1-69.11 - Positioning of interpreter
Section 34:1-69.12 - List of qualified interpreters; request; substitution for appointed interpreter
Section 34:1-69.13 - List of qualified interpreters; maintenance
Section 34:1-69.15 - Fees and expenses
Section 34:1-69.16 - Waiver of right to interpreter
Section 34:1-69.17 - Information to remain confidential and privileged
Section 34:1-70 - Recovery of penalties, procedure
Section 34:1A-1 - Department of Labor and Industry established; "department" defined
Section 34:1A-1.1 - Change of name of department of labor and industry to department of labor
Section 34:1A-1.2 - Department of Labor and Workforce Development; reference.
Section 34:1A-1.3 - Transfer of workforce development programs from DHS.
Section 34:1A-1.4 - New Jersey Youth Corps transferred.
Section 34:1A-1.5 - Certain powers, functions, duties of DOE transferred.
Section 34:1A-1.6 - Construction of act relative to Civil Service tenure, rights, protection.
Section 34:1A-1.7 - Short title.
Section 34:1A-1.8 - Requirements for job training counselors for victims of domestic violence.
Section 34:1A-1.9 - Rules, regulations.
Section 34:1A-1.10 - Credentials Review Board established.
Section 34:1A-1.11 - Definitions relative to suspension, revocation of certain employer licenses.
Section 34:1A-1.12 - Commissioner; actions relative to employer violations.
Section 34:1A-1.13 - Presumption of successor firm.
Section 34:1A-1.14 - Notification of employer responsibility relative to record maintenance.
Section 34:1A-1.15 - Provision of information relative to certain employee leave and benefit rights.
Section 34:1A-1.16 - Definitions, publishing of violators of State wage, benefit, and tax laws.
Section 34:1A-1.17 - Entrance into place of business, employment; stop-work order.
Section 34:1A-1.18 - Violations concerning misclassification of employees; penalties.
Section 34:1A-1.19 - Post notices about misclassification.
Section 34:1A-1.20 - Information regarding worker misclassification.
Section 34:1A-1.21 - Findings, declarations.
Section 34:1A-1.23 - Purpose of task force.
Section 34:1A-2 - Commissioner of Labor and Industry; head of department; appointment; term; salary
Section 34:1A-3 - Duties of Commissioner
Section 34:1A-3.1 - Job training programs.
Section 34:1A-4 - Delegation of powers by commissioner
Section 34:1A-5 - Divisions in Department
Section 34:1A-7.1 - Orientation program to educate employers about wage and hour laws, etc.
Section 34:1A-8 - Director of Division of Labor
Section 34:1A-9 - Bureau of migrant labor; transfer of functions, powers and duties to
Section 34:1A-11 - Division of Workmen's Compensation; powers and duties
Section 34:1A-12.1 - Director and each judge of compensation to be attorneys
Section 34:1A-12.2 - Referee, qualifications of
Section 34:1A-12.3 - Continuation of deputy directors as judges of compensation
Section 34:1A-12.4 - Director of Division of Worker's Compensation; duties
Section 34:1A-13 - Organization of existing workmen's compensation bureau continued
Section 34:1A-15 - Director of division of Employment Security
Section 34:1A-15.1 - Director of Division of Employment Services; duties
Section 34:1A-17 - Powers and duties of Employment Security Council
Section 34:1A-19 - Board of Review in Division of Employment Security
Section 34:1A-24 - Directors of divisions; unclassified service of civil service; removal; vacancies
Section 34:1A-25 - Appropriations transferred
Section 34:1A-26 - Employees; transfer
Section 34:1A-27 - Civil service, pension and retirement rights not affected
Section 34:1A-28 - Files, books, records and property transferred
Section 34:1A-29 - Orders, rules and regulations continued
Section 34:1A-30 - Pending actions or proceedings; orders or recommendations not affected
Section 34:1A-31 - Commissions and offices abolished
Section 34:1A-32 - Definition of terms referred to in laws, contracts or documents
Section 34:1A-34 - Short title
Section 34:1A-35 - Effective date
Section 34:1A-36 - State Apprenticeship Council
Section 34:1A-38 - Related and supplemental instruction
Section 34:1A-39 - Local, regional and State joint apprenticeship committees
Section 34:1A-40 - Standards for apprenticeship agreements
Section 34:1A-41 - Apprenticeship agreements
Section 34:1A-43 - Separability
Section 34:1A-44 - Effective date
Section 34:1A-45 - Short title
Section 34:1A-46 - Legislative findings and declarations.
Section 34:1A-47 - Definitions.
Section 34:1A-48 - Division of Travel and Tourism; establishment; director; appointment.
Section 34:1A-48.1 - Division of Travel and Tourism transferred to the Department of State.
Section 34:1A-50 - Transfer made in accordance with State Agency Transfer Act
Section 34:1A-51 - New Jersey Tourism Policy Council.
Section 34:1A-52 - Master plan; contents
Section 34:1A-52.1 - New Jersey Governor's Cup Hydrofest Series; designated.
Section 34:1A-52.2 - Designation of trophy, commendation.
Section 34:1A-52.3 - Annual award.
Section 34:1A-53 - Powers and duties of division.
Section 34:1A-53.1 - Reports required from division.
Section 34:1A-53.2 - Statewide 9/11 Memorial Registry.
Section 34:1A-54 - Duties of council.
Section 34:1A-55 - Severability
Section 34:1A-69.3 - Short title
Section 34:1A-70 - Legislative findings and declarations
Section 34:1A-71 - Short title
Section 34:1A-73 - Standards for allocation of funds
Section 34:1A-74 - Authorized intra-state services
Section 34:1A-75 - Rules and regulations
Section 34:1A-85 - Definitions relative to State's workforce investment system.
Section 34:1A-86 - Center for Occupational Employment Information.
Section 34:1A-87 - Steering committee to manage center.
Section 34:1A-88 - Authority to access files, records.
Section 34:1B-2 - Legislative findings, determinations.
Section 34:1B-3 - Definitions.
Section 34:1B-4 - "New Jersey Economic Development Authority."
Section 34:1B-4a - NJEDA building designated in memory of Caren S. Franzini.
Section 34:1B-4b - Funding for signage.
Section 34:1B-4.1 - Contracts to secure bonds, other obligations.
Section 34:1B-5.1 - Rules, regulations.
Section 34:1B-5.2 - Administration and enforcement of rules and regulations
Section 34:1B-5.3 - Violation of rules and regulations
Section 34:1B-5.4 - Rules, regulations relative to establishment of affirmative action program.
Section 34:1B-5.9 - Bonds deemed fully negotiable.
Section 34:1B-6 - Determinations prior to commitment for assistance.
Section 34:1B-7 - Economic development fund
Section 34:1B-7.1 - Legislative findings and declarations
Section 34:1B-7.2 - Fund for community development purposes
Section 34:1B-7.3 - Appropriations to economic development fund; use
Section 34:1B-7.4 - Financing of projects; economic feasibility and recovery of costs
Section 34:1B-7.5 - Projects; factors for consideration for financial assistance
Section 34:1B-7.6 - Annual report
Section 34:1B-7.7 - Repayment by Economic Development Authority
Section 34:1B-7.8 - Funds transferred
Section 34:1B-7.9 - Prepayment at discount
Section 34:1B-7.10 - Short title
Section 34:1B-7.11 - Findings, determinations
Section 34:1B-7.12 - "Economic Recovery Fund" established
Section 34:1B-7.13 - Use of moneys in fund.
Section 34:1B-7.14 - Determination of projects to be financed
Section 34:1B-7.15 - Payments to Economic Recovery Fund
Section 34:1B-7.16 - Contracts for implementation of payment arrangement
Section 34:1B-7.17 - Report to Governor, Legislature
Section 34:1B-7.18 - Legislative approval of certain transactions
Section 34:1B-7.19 - Definitions; program authorized
Section 34:1B-7.20 - Short title
Section 34:1B-7.21 - Findings, declarations
Section 34:1B-7.22 - Definitions
Section 34:1B-7.23 - "Public School Facilities Code Compliance Loan Fund"
Section 34:1B-7.24 - "Public School Facilities Loan Assistance Fund"
Section 34:1B-7.25 - Issuance of bonds; "Public Schools Small Projects Loan Assistance Fund"
Section 34:1B-7.26 - Preliminary approval of loan application
Section 34:1B-7.27 - Adoption of rules, taking administrative action
Section 34:1B-7.28 - Short title
Section 34:1B-7.29 - Findings, declarations
Section 34:1B-7.30 - Definitions
Section 34:1B-7.31 - "New Jersey Boat Industry Loan Guarantee Program" established
Section 34:1B-7.32 - "New Jersey Boat Industry Loan Guarantee Fund"
Section 34:1B-7.33 - Establishment of reserves
Section 34:1B-7.34 - Agreements
Section 34:1B-7.35 - Report to Governor, Legislature
Section 34:1B-7.36 - Rules, regulations
Section 34:1B-7.37 - Short title
Section 34:1B-7.38 - Findings, declarations
Section 34:1B-7.39 - Definitions relative to emerging technology, biotechnology.
Section 34:1B-7.41 - "New Jersey Emerging Technology and Biotechnology Financial Assistance Fund"
Section 34:1B-7.42 - Applications for money from fund; criteria; agreements.
Section 34:1B-7.42a - Corporation business tax benefit certificate transfer program.
Section 34:1B-7.42b - Definitions relative to certain corporation tax benefit programs.
Section 34:1B-7.42c - Authorization to approve certain transfers of tax benefits.
Section 34:1B-7.44 - Rules, regulations
Section 34:1B-7.45 - Short title
Section 34:1B-7.48 - Powers of authority concerning bonds
Section 34:1B-7.49 - Payments of debt service to authority; schedule
Section 34:1B-7.50 - State, authority contracts authorized; terms, conditions
Section 34:1B-7.51 - Annual report, contents
Section 34:1B-7.52 - Supersedure by act
Section 34:1B-7.53 - Severability of act
Section 34:1B-8 - Public utility facilities; definition; powers
Section 34:1B-9 - Power to authorize issuance of bonds.
Section 34:1B-10 - Powers of authority by resolution.
Section 34:1B-11 - Bonds; negotiability
Section 34:1B-12 - Covenants with bondholders
Section 34:1B-13 - Pledge of revenues; lien
Section 34:1B-14 - Nonliability of members of authority, or of state or political subdivision
Section 34:1B-15 - Powers constitute essential governmental function; tax exempt status.
Section 34:1B-15.2 - Agreement; apportionment of costs of services and services to be supplied
Section 34:1B-16 - Legal investments
Section 34:1B-17 - Sureties or collateral for deposits of authority
Section 34:1B-18 - Inapplicability of other laws
Section 34:1B-19 - Severability
Section 34:1B-20 - Counties; contracts with authority; resolution; powers for financial aid
Section 34:1B-21 - Property of authority; exemption from execution or other judicial process
Section 34:1B-21.1 - Short title
Section 34:1B-21.2 - Findings, declarations
Section 34:1B-21.3 - Definitions
Section 34:1B-21.4 - Issuance of Market Transition Facility, Motor Vehicle Commission bonds, notes.
Section 34:1B-21.5 - Powers of authority.
Section 34:1B-21.5a - Applicability of P.L.2004, c.83 to prior bond proceeds.
Section 34:1B-21.6 - Payment of redemption of bonds, notes.
Section 34:1B-21.7 - "Market Transition Facility Revenue Fund."
Section 34:1B-21.8 - Use of monies, agreements, exemption from taxation.
Section 34:1B-21.9 - Bonds, notes as special, limited obligations.
Section 34:1B-21.10 - State pledge regarding bonds, notes, other obligations.
Section 34:1B-21.11 - Statement from Department of the Treasury, authority
Section 34:1B-21.12 - "Division of Motor Vehicles Surcharge Fund."
Section 34:1B-21.13 - Agreements between EDA and State; EDA and Motor Vehicle Commission.
Section 34:1B-21.14 - Transfer of monies to Facility Revenue Fund
Section 34:1B-21.15 - Semi-annual reports
Section 34:1B-21.16 - Short title.
Section 34:1B-21.17 - Definitions relative to issuance of cigarette tax securitization bonds.
Section 34:1B-21.18 - "Cigarette Tax Securitization Proceeds Fund."
Section 34:1B-21.19 - Powers of authority.
Section 34:1B-21.20 - "Dedicated Cigarette Tax Revenue Fund."
Section 34:1B-21.21 - Contracts to implement payment arrangement.
Section 34:1B-21.22 - "Cigarette Tax Securitization Fund."
Section 34:1B-21.23 - Short title.
Section 34:1B-21.24 - Definitions relative to motor vehicle surcharges securitization bonds.
Section 34:1B-21.25 - "Motor Vehicle Surcharges Securitization Proceeds Fund."
Section 34:1B-21.26 - Powers of authority.
Section 34:1B-21.27 - "Unsafe Driving Surcharges Fund."
Section 34:1B-21.28 - "Motor Vehicle Surcharges Revenue Fund."
Section 34:1B-21.29 - Contracts to implement payment arrangement.
Section 34:1B-21.30 - Motor Vehicle Surcharges Securitization Fund.
Section 34:1B-21.33 - Powers of authority.
Section 34:1B-21.34 - Appropriations for payment of obligations incurred.
Section 34:1B-21.35 - Contracts to implement payment arrangement.
Section 34:1B-21.36 - Amounts provided by authority; projects, amounts, certain.
Section 34:1B-22 - Short title
Section 34:1B-23 - Legislative findings and determinations
Section 34:1B-24 - Motion Picture and Television Development Commission.
Section 34:1B-25 - Organization; vote required; executive director and other employees
Section 34:1B-26 - Annual report
Section 34:1B-28 - Programs to promote motion picture and television industry
Section 34:1B-29 - Severability
Section 34:1B-30 - Legislative findings
Section 34:1B-31 - Short title
Section 34:1B-32 - Study of best means to encourage employee stock ownership plans
Section 34:1B-33 - Conduct of study; considerations, consultations and investigations
Section 34:1B-34 - Development of plan
Section 34:1B-35 - Annual reports to legislature
Section 34:1B-36 - Short title
Section 34:1B-37 - Legislative findings and declaration
Section 34:1B-38 - Definitions
Section 34:1B-39 - Establishment of fund; source of deposits; use of funds
Section 34:1B-40 - Form, amount and terms of financial assistance; repayment
Section 34:1B-41 - Criteria for evaluating and ranking applications for financial assistance
Section 34:1B-42 - Schedule of application periods; ranking of applications; finding of feasibility
Section 34:1B-43 - Project plan; contents; determinations prior to final approval
Section 34:1B-44 - Approval or disapproval of application; notice
Section 34:1B-45 - Arrangement for financial assistance; repayment