N.J. Admin. Code § 18:34-1.6

Current through Register Vol. 56, No. 21, November 4, 2024

Section 18:34-1.6 - Evaluation process; approval and purchase of tax credits

(a) Except as provided for at N.J.A.C. 18:34-1.3(b), the Division shall review applications on a first-in-time rolling basis, beginning with the completed application that bears the earliest submission date, subject to an annual appropriation and availability of funds in any State fiscal year. Completed applications submitted in a fiscal year where program funds appropriated by the Legislature have been exhausted may be considered first in the subsequent fiscal year. The review shall determine whether the applicant:

1. Complies with all eligibility criteria, including tax clearance, as required pursuant to N.J.S.A. 54:50-39;

2. Is not in default of any approval letter or agreement with the Authority;

3. Satisfies all submission requirements and includes the required fee; and

4. Provides sufficient information to allow the Division to adequately review the application.

(b) The Division shall strive to complete the application review within 180 days from the close of the application period. However, failure of the Division of Taxation to review an application within this 180-day time frame does not constitute an acceptance or approval of the application.

(c) Upon completion of the review of an application, the Director shall determine whether to approve the application, and the maximum amount of eligible program tax credits to be purchased and shall promptly notify the taxpayer and the Authority of the determination.

N.J. Admin. Code § 18:34-1.6

Adopted by 54 N.J.R. 1641(b), effective 8/15/2022