52:27D-498 Forms, procedures, rules; reports.

311 words·~1 min read·/nj/title-52/chapter-27d/52-27d-498

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

9. a. In order to administer the neighborhood preservation and revitalization tax credit program, the department shall establish any necessary forms, procedures or rules to effectuate P.L.2001, c.415 (C.52:27D-490 et seq.), in accordance with the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.). The department shall seek to foster use of the tax credit and to make the tax credit simple to apply for and simple to use.

b. The department shall act as a clearinghouse. It shall maintain lists of qualified projects and of business entities that have expressed a desire to provide assistance to qualified projects. The department shall pool applications from business entities in order to provide assistance to qualified projects as provided in section 7 of P.L.2001, c.415 (C.52:27D-496).

c. The department shall give priority in processing to applications that demonstrate a multi-year commitment by the business entity to implementation of the neighborhood preservation and revitalization plan.

d. The department shall submit to the Governor and Legislature an annual report which shall include at least:

(1)the purpose and effectiveness of the credit;

(2)the benefits of the credit to the State;

(3)any recommendations by the department as to changes in legislation needed to better carry out the purposes of P.L.2001, c.415 (C.52:27D-490 et seq.).

e. For each application by, or on behalf of, a business entity to approve assistance for a project, the department may charge a fee of up to five percent of the amount of assistance proposed, or approved, whichever is less, to pay for the administration of this program. The department may require that up to one third of this amount be paid at the time of submission of the application or declaration of intent, and that the balance be taken from the amount deposited into the trust fund upon deposit therein.

L.2001, c.415, s.9; amended 2003, c.59, s.4; 2019, c.144, s.5.