N.J.S.A. 34:1B-411 — Tax credit transfer certificate application, substitution, limitations.

34:1B-411 Tax credit transfer certificate application, substitution, limitations. 9. a. Within three years of the tax period in which the director first allows the eligible business a tax credit, an eligible business may apply to the director and the chief executive officer of the authority for a tax credit transfer certificate in lieu of the eligible business being allowed any amount of the tax credit against the State tax liability of the eligible business. The tax credit transfer certificate, upon receipt thereof by the eligible business from the director and the chief executive officer of the authority, may be sold or assigned, in an amount not less than $25,000, within three years of the tax period in which the eligible business receives the tax credit transfer certificate from the director, to another person that may have a tax liability 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 54:18A-3), section 1 of P.L.1950, c.231 (C.17:32-15), or N.J.S.17B:23-5. The tax credit transfer certificate provided to the eligible business shall include a statement waiving the eligible business�s right to claim the tax credit that the eligible business has elected to sell or assign. b. The eligible business shall not sell or assign a tax credit transfer certificate allowed under this section for consideration received by the eligible business of less than 85 percent of the transferred credit amount before considering any further discounting to present value which shall be permitted. The tax credit transfer certificate issued to the eligible business by the director shall be subject to any limitations and conditions imposed on the application of State tax credits pursuant to P.L.2025, c.123 (C.34:1B-403 et al.) and any other terms and conditions that the director may prescribe. c. A purchaser or assignee of a tax credit transfer certificate pursuant to this section shall not make any subsequent transfers, assignments, or sales of the tax credit transfer certificate. d. The authority shall publish on its Internet website the following information concerning each tax credit transfer certificate approved by the authority and the director pursuant to this section: (1) the name of the transferor; (2) the name of the transferee; (3) the value of the tax credit transfer certificate; (4) the State tax against which the transferee may apply the tax credit; and (5) the consideration received by the transferor. L.2025, c.123, s.9.

This is the verbatim text of N.J.S.A. 34:1B-411, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.