This text of New Jersey § 34:1B-389 (New Jersey Economic Development Authority, awarding tax credits, competitive application process, at least one award round each year.) is published on Counsel Stack Legal Research, covering New Jersey primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
7. a. The authority shall conduct a review of applications on a rolling basis, unless the authority determines that demand is likely to exceed available tax credits, at which time the authority may implement a competitive application process whereby the authority shall evaluate all applications submitted by a date certain as if all were submitted on that date. b. To receive a tax credit award, a cultural arts institution shall be required to meet a minimum score, as determined by the authority pursuant to this section. c. The scoring system developed by the authority pursuant to this section shall assess applications for tax credits based on criteria, which shall include, but shall not be limited to:
(1)the amount of tax credits requested by the cultural arts institution compared to the a
Free access — add to your briefcase to read the full text and ask questions with AI
7. a. The authority shall conduct a review of applications on a rolling basis, unless the authority determines that demand is likely to exceed available tax credits, at which time the authority may implement a competitive application process whereby the authority shall evaluate all applications submitted by a date certain as if all were submitted on that date. b. To receive a tax credit award, a cultural arts institution shall be required to meet a minimum score, as determined by the authority pursuant to this section. c. The scoring system developed by the authority pursuant to this section shall assess applications for tax credits based on criteria, which shall include, but shall not be limited to: (1) the amount of tax credits requested by the cultural arts institution compared to the amount of tax credits required for the completion of the cultural arts project; (2) how the cultural arts project will advance State, regional, and local goals concerning the development of arts and cultural facilities in underserved communities; (3) the relationship of the cultural arts project to a comprehensive local development strategy, including its relation to other development and redevelopment projects in the municipality; (4) the degree to which the cultural arts project enhances and promotes job creation and economic development; (5) the extent of economic and related social distress in the municipality and the immediate area surrounding the cultural arts project, including whether the cultural arts project is located in a qualified incentive tract or other areas of the State identified from time to time by the authority in rules; (6) the quality and number of new full-time jobs that will be created by the cultural arts institution; and (7) if the cultural arts institution has a board of directors, the extent to which that board of directors is diverse and representative of the community in which the cultural arts project is located. d. Notwithstanding the provisions of subsection c. of this section, the authority may adopt, pursuant to the provisions of the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), rules and regulations adjusting the criteria required under the program when necessary to respond to conditions in the State. e. Prior to the award of a tax credit, the authority shall confirm with the Department of Labor and Workforce Development, the Department of Environmental Protection, and the Department of the Treasury that the cultural arts institution is in substantial good standing with the respective department, or has entered into an agreement with the respective department that includes a practical corrective action plan for the cultural arts institution and the cultural arts institution shall confirm that any contractors and subcontractors performing work at the cultural arts project: (1) are registered as required by "The Public Works Contractor Registration Act," P.L.1999, c.238 (C.34:11-56.48 et seq.); (2) have not been debarred by the Department of Labor and Workforce Development from engaging in or bidding on Public Works Contracts in the State; and (3) possess a tax clearance certificate issued by the Division of Taxation in the Department of the Treasury. Provided that all parties are in compliance with this subsection, the authority shall allocate tax credits to cultural arts projects according to the cultural arts projects' scores and until either the available tax credits are exhausted or all cultural arts projects obtaining the minimum score receive a tax credit, whichever occurs first. If insufficient funding exists to fully fund all eligible cultural arts projects, a cultural arts project may be offered a partial tax credit valued at less than what is provided for in paragraph (1) of subsection b. of section 4 of P.L.2023, c.197 (C.34:1B-386). f. Applications that do not receive the minimum score established by the authority shall not receive further consideration for a tax credit by the authority for that application; however, a cultural arts institution may submit a new application. g. (Deleted by amendment, P.L.2025, c.127) L.2023, c.197, s.7; amended 2025, c.127, s.5.