N.J. Admin. Code § 19:31O-1.6

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

Section 19:31O-1.6 - Application and review procedures

(a) Applicants shall submit to the Chief Executive Officer a completed Sales Tax Exemption Program application. The application shall bear either a legible post-mark date or a date received stamp from the Authority.

(b) The Authority shall conduct a review of the applications commencing with the application bearing the earliest submission date, including those applications submitted to the Authority prior to May 16, 2005. The Authority may require the submission of additional information to complete the application or may require the resubmission of the entire application, if incomplete. The Authority shall review the applications to determine whether the applicant:

1. Complies with the eligibility criteria;

2. Satisfies the submission requirements; and

3. Adequately provides information for the subject application.

(c) The Board shall approve, approve with modifications, or deny an application in the program.

(d) The minutes of the meeting at which such action occurs are submitted to the Governor for review and become effective 10 working days of the Governor's receipt of the minutes unless earlier approval or vetoed.

(e) If there has been no veto, a Commitment Letter shall be issued to the applicant, which contains all terms and conditions of the grant. The business must execute and return the Commitment Letter within 30 days. Failure to execute and return the Commitment Letter to the Authority within 30 days will result in rescission of the grant. The Chief Executive Officer of the Authority may, at his or her discretion, extend the expiration date of a Commitment Letter upon request by the business.

(f) When all required documentation as outlined in the Commitment Letter is submitted by the business, in form and content satisfactory to the Authority, a Grant Agreement shall be prepared by the Authority and forwarded to the business for execution.

(g) If the business does not execute and return the Grant Agreement within 60 days from the date of issuance, the grant shall be rescinded.

(h) If the business does not commence the project within one year from the date of approval by the Members of the Authority, the grant shall be rescinded. The Chief Executive Officer of the Authority may, at his or her discretion, extend the expiration date of the grant upon request by the business.

(i) In the event that an application is approved, the Chief Executive Officer will notify the Director of the terms and conditions of the approval and the Director shall issue a certificate pursuant to the terms and conditions of the project agreement. In the event that an application is denied, the applicant shall be notified of the denial and the reasons for such denial.

N.J. Admin. Code § 19:31O-1.6

Recodified from N.J.A.C. 12A:2A-2.6 and amended by R.2010 d.231, effective 10/18/2010.
See: 42 N.J.R. 1495(b), 42 N.J.R. 2436(a).
In (a) and the introductory paragraph of (b), substituted "Authority" for "Commission" throughout; in (a), substituted "Chief Executive Officer" for "Secretary"; in the introductory paragraph of (b), deleted ", and provide a recommendation to the Secretary regarding," following the second occurrence of "review"; in (c), substituted "Board" for "Secretary after receipt and consideration of the recommendation from the Board of Directors,"; in (d), substituted "The" for "When the Board of Directors recommends to either approve or deny a request, the"; rewrote (e); added new (f), (g) and (h); recodified former (f) as (i); and in (i), substituted "Chief Executive Officer" for "Secretary" and deleted "project" preceding and "agreement" following "approval".

Recodified from 19:31-16.6 56 N.J.R. 807(a), effective 5/6/2024