New Jersey Statutes 34:1B-120. Certificate of compliance indicating amount of tax credits; elect to waive requirement, minimum employee time, criteria
Terms Used In New Jersey Statutes 34:1B-120
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
b. Following the termination of the public health emergency declared by the Governor pursuant to Executive Order No. 103 of 2020, as extended, a business that has entered into an incentive agreement may elect, before December 31, 2023, to waive, for the period beginning on July 1, 2022 and ending on December 31, 2023, the requirement that a full-time employee who is employed by the business shall spend at least 60 percent of the employee’s time at the qualified business facility; provided, however, that a business that makes such an election shall satisfy the following criteria:
(1) any full-time employee employed by the business shall spend at least 10 percent of the employee’s time at the qualified business facility through the 2023 tax period; and
(2) following the receipt by the business of its tax credit certificate or tax credit transfer certificate for the 2022 tax period, the business shall make a payment of an amount equal to five percent of the amount of tax credit the business receives for the 2022 tax period, which payment shall be made to the authority, and which payment the authority shall hold and make available for the provision of loans, guarantees, equity investments, and grants, or other forms of financing to support small business and downtown or commercial corridor activation activities within the municipality in which the qualified business facility is located, as may be designated by the chief executive officer of the authority.
L.1996, c.25, s.9; amended 2004, c.65, s.13; 2010, c.123, s.12; 2022, c.134, s.1.