62. a. A developer approved for an incentive award pursuant to sections 58 and 59 of P.L.2020, c.156 (C. 34:1B-326 and C. 34:1B-327) and that enters an incentive award agreement pursuant to section 60 of P.L.2020, c.156 (C. 34:1B-328) shall submit annually, commencing in the year in which the incentive award is issued and for the remainder of the eligibility period, a report indicating whether the developer is aware of any condition, event, or act that would cause the developer not to be in compliance with the incentive award agreement or the provisions of sections 54 through 67 of P.L.2020, c.156 (C. 34:1B-322 through C. 34:1B-335) and any additional reporting requirements contained in the incentive award agreement or tax credit certificate. The developer, or an authorized agent of the developer, shall certify that the information provided pursuant to this subsection is true under the penalty of perjury.

b. (1) Upon receipt and review of each report submitted during the eligibility period, the authority shall provide to the developer and the director a certificate of compliance indicating the amount of tax credits that the developer may apply against the developer’s tax liability.

(2) Upon receipt by the director of the certificate of compliance, the director shall allow the developer a credit against the tax imposed pursuant to section 5 of P.L.1945, c.162 (C. 54:10A-5). A developer shall apply the credit awarded against the developer’s liability under 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 director allows the developer a tax credit pursuant to this subsection. A developer may carry forward an unused credit resulting from the limitations of paragraph (3) of this subsection, if necessary, for use in the seven privilege periods next following the privilege period for which the credits are awarded. Credits granted to a partnership shall be passed through to the partners, members, or owners, respectively, pro-rata, or pursuant to an executed agreement among the partners, members, or owners documenting an alternate distribution method provided to the director accompanied by any additional information as the director may prescribe.

(3) The director shall prescribe the order of priority of the application of the credit allowed 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.62; amended 2022, c.46.