N.J. Admin. Code § 19:31L-1.8

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

Section 19:31L-1.8 - Rescission

(a) The Chief Executive Officer, in addition to any other rights or remedies available pursuant to law, may withhold, reduce, or terminate this sales and use tax exemption or any portion thereof for good cause. The circumstances under which this may occur include, but are not limited to:

1. Failure to comply with the requirements of this subchapter, or other applicable State laws or rules;

2. Failure to comply with any condition or requirement of the Urban Enterprise Zone Program;

3. Failure to maintain the employment levels stipulated in the Urban Enterprise Zone Program;

4. Submission of false or misleading information, or failure to submit relevant or complete information to the Authority;

5. Any act of insolvency, the filing of a petition in bankruptcy (voluntary or involuntary) or the existence of other conditions affecting the financial integrity of the applicant; or

6. Failure to comply with any condition, term, or requirement of the Authority relating to this program.

(b) The Chief Executive Officer shall provide written notice to the business of its intent to rescind the applicant's qualification status for the energy sales tax exemption benefit. The determination to rescind the benefit shall be solely within the Chief Executive Officer's discretion.

(c) The Chief Executive Officer shall provide notice of the determination to rescind to the Director, who shall rescind the sales and use tax exemption certificate issued to the business.

(d) Any rescission of the energy sales tax exemption will require repayment by the business or group of all exempted tax payments, and such penalties as may be assessed in accordance with the State Uniform Tax Procedure Law, N.J.S.A. 54:48-1 et seq., from the effective date of the rescission as determined by the Authority.

N.J. Admin. Code § 19:31L-1.8

Recodified from 19:31-13.8 56 N.J.R. 807(a), effective 5/6/2024