N.J. Admin. Code § 5:30-8.8

Current through Register Vol. 56, No. 23, December 2, 2024

Section 5:30-8.8 - Reporting requirements for long-term tax exemption projects

(a) The annual financial statement required for municipalities by the Director pursuant to 40A:5-12 shall include a schedule of "Long-Term Tax Exemption Projects." The schedule shall be subject to audit as part of the annual audit of the municipality performed pursuant to 40A:5-4. The Director may require the schedule to be prepared and submitted on a computerized spreadsheet or through other computerized form or structure as the Director may specify, as well as, or in lieu of, a printed form.

(b) For each long-term tax exemption project, the schedule shall include the following information:

1. The name of the project;

2. The type of project;

3. An indication of whether the project is located in an approved redevelopment area;

4. An indication if the project is pursuant to an approved redevelopment plan;

5. The taxable value of the project;

6. The date of the financial agreement, date when the tax exemption commenced and the date when the exemption is scheduled to end;

7. The statutory basis for the exemption;

8. The basis for the calculation of the payment in lieu of taxation calculation;

9. For the fiscal year payment obligation represented by the Annual Financial Statement:

i. The full payment due under the agreement;

ii. The amount paid by the entity responsible for making the payment;

iii. The amounts, if any, paid to entities other than the municipality (that is, county, school district);

iv. For projects financed through Redevelopment Area Bonds or Revenue Allocation District bonds, the amount of payments pledged for debt service, any unpledged amount received by the municipality, amounts, if any, paid to entities other than the municipality, and any amount paid by the municipality from a debt reserve fund or remitted through a guarantee;

v. The net amount received by the municipality; and

vi. If no payment was required, the payment was not made, or a reduced payment was made, an explanation of the circumstances;

10. For such projects, indication if the required annual audit report was received from the urban renewal entity; and

11. Any other such information as the Director may determine necessary for a given project.

(c) The payment schedule of any project approved after September 21, 2009 shall be submitted to the Division of Local Government Services, pursuant to the filing requirements set forth at 40A:5-12.

(d) For the purpose of this section, the term "project" means:

1. Any work or undertaking, as defined in the Long-Term Tax Exemption Law at N.J.S.A. 40A:20-3e, for which a tax exemption has been conveyed subject to a financial agreement between a municipality and an urban renewal entity;

2. A housing project financed by the New Jersey Housing and Mortgage Finance Agency, pursuant to 55:14K-37;

3. Any work or undertaking involving the remediation of a "qualified real property" and the reuse of such properties for commercial, residential or other productive purposes, pursuant to the Environmental Opportunity Zone Act, N.J.S.A. 54:3-150 et seq.; or

4. Any work or undertaking as defined in the Redevelopment Area Bond Financing Law at 40A:12A-64, or Revenue Allocation District Financing Act at 52:27D-459 for which the municipality has entered into a financial agreement involving a payment in lieu of taxes or special assessment that is financed under those statutes.

N.J. Admin. Code § 5:30-8.8

Repealed by R.1990 d.383, effective 8/6/1990.
See: 22 N.J.R. 706(b), 22 N.J.R. 2276(b).
Text on tax collector's course repealed.
New Rule R.1990 d.383, effective 8/6/1990.
See: 22 N.J.R. 706(b), 22 N.J.R. 2276(b).
Repealed by R.1998 d.307, effective 6/15/1998.
See: 30 N.J.R. 1123(a), 30 N.J.R. 2204(b).
Section was "Implementation of the Housing and Community Development Act of 1974".
New Rule, R.2009 d.279, effective 9/21/2009.
See: 40 N.J.R. 4656(a), 41 N.J.R. 3407(a).
Section was "Reserved".