N.J.S.A. 55:14K-110 — Tax credit transfer certificate, selling, assigning abilities, limitations.

55:14K-110 Tax credit transfer certificate, selling, assigning abilities, limitations. 7. a. A purchaser may apply to the agency and the director for a tax credit transfer certificate in lieu of the purchaser being allowed to apply any amount of the tax credit against the purchaser's State tax liability. A tax credit may be sold or assigned, in full or in part, 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 C.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 purchaser shall include a statement waiving the purchaser's right to claim the credit that the purchaser has elected to sell or assign. b. The purchaser shall not sell or assign a tax credit transfer certificate allowed under this section for consideration received by the purchaser of less than 80 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 a purchaser by the director shall be subject to any limitations and conditions imposed on the application of State tax credits pursuant to section 6 of P.L.2025, c.111 (C.55:14K-109) and any other terms and conditions that the director may prescribe. c. A buyer 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. Ten percent of the consideration received by a purchaser from the sale or assignment of a tax credit transfer certificate pursuant to this section shall be remitted to the director and deposited in the General Fund of the State. e. The agency shall publish on its Internet website the following information concerning each tax credit transfer certificate approved by the agency 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.111, s.7.

This is the verbatim text of N.J.S.A. 55:14K-110, 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.