(1) the remediation is complete;

(2) the developer complied with the requirements of section 15 of P.L.2020, c.156 (C. 34:1B-283), including the requirements of any memorandum of agreement or other oversight document that the developer may have executed with the Commissioner of Environmental Protection pursuant to that section; and

(3) the remediation costs were actually and reasonably incurred.

Upon receipt of certification, and confirmation by the authority that the developer’s obligations under the redevelopment agreement have been met, a developer shall be awarded a credit against the tax imposed pursuant to section 5 of P.L.1945, c.162 (C. 54:10A-5), sections 2 and 3 of P.L.1945, c.132 (C. 54:18A-2 and C. 54:18A-3), section 1 of P.L.1950, c.231 (C. 17:32-15), or N.J.S. 17B:23-5 as follows: (a) for project located in a qualified incentive tract or government-restricted municipality, in an amount not to exceed 60 percent of the actual remediation costs, or 60 percent of the projected remediation costs as set forth in the redevelopment agreement, or $8,000,000, whichever is least; and (b) for all other projects, in an amount not to exceed 50 percent of the actual remediation costs, or 50 percent of the projected remediation costs as set forth in the redevelopment agreement, or $4,000,000, whichever is least. The developer, or an authorized agent of the developer, shall certify that the information provided to the department and the authority pursuant to this subsection is true under the penalty of perjury.

b. When filing an application for certification pursuant to subsection a. of this section, the developer shall submit to the department: (1) the total remediation costs incurred by the developer for the remediation of the subject property located at the site of the redevelopment project, as provided in the redevelopment agreement, and certified by a certified public accountant, and a Licensed Site Remediation Professional for costs under the jurisdiction of the “Site Remediation Reform Act,” sections 1 through 29 of P.L.2009, c.60 (C. 58:10C-1 et seq.), and as applicable, other appropriate licensed or certified professional for costs that are not under the jurisdiction of the “Site Remediation Reform Act”; (2) evidence of completion of the remediation, as demonstrated by a Response Action Outcome where the remediation is subject to the “Site Remediation Reform Act”; (3) a certification from the appropriate licensed or certified professional for other remedial activities; (4) information concerning the occupancy rate of the buildings or other work areas located on the property subject to the redevelopment agreement; and (5) such other information as the department deems necessary in order to make the certifications and findings pursuant to this section.

c. A developer shall apply the credit awarded against the developer’s liability for the tax imposed pursuant to section 5 of P.L.1945, c.162 (C. 54:10A-5), sections 2 and 3 of P.L.1945, c.132 (C. 54:18A-2 and C. 54:18A-3), section 1 of P.L.1950, c.231 (C. 17:32-15), or N.J.S. 17B:23-5 for the privilege period during which the department awards the developer a tax credit pursuant to subsection a. of this section. A developer shall not carry forward any unused credit.

d. The director shall prescribe the order of priority of the application of the credit awarded under this section and any other credits allowed by law against the tax imposed under section 5 of P.L.1945, c.162 (C. 54:10A-5). The amount of the credit applied under this section against the tax imposed pursuant to section 5 of P.L.1945, c.162 (C. 54:10A-5) for a privilege period, together with any other credits allowed by law, shall not reduce the tax liability to an amount less than the statutory minimum provided in subsection (e) of section 5 of P.L.1945, c.162 (C. 54:10A-5).

L.2020, c.156, s.16; amended 2021, c.160, s.8.