Section 34:1B-274 - Rules, regulationsa. The authority shall, in consultation with the officer and the director, promulgate rules and regulations in accordance with the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), as the officer deems necessary to administer the provisions of sections 2 through 8 of P.L. 2020, c. 156 (C.34:1B-270 through C.34:1B-276), including but not limited to rules establishing administrative fees to implement the provisions of sections 2 through 8 of P.L. 2020, c. 156 (C.34:1B-270 through C.34:1B-276), and setting of an annual application submission date, requiring annual reporting by each business entity that receives a tax credit pursuant to sections 2 through 8 of P.L. 2020, c. 156 (C.34:1B-270 through C.34:1B-276). As part of the authority's review of the annual reports required from each business entity that receives 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 business entity 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 business entity, and the business entity shall certify that any contractors or subcontractors performing work at the qualified property or transformative 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. The rules and regulations adopted pursuant to this section shall also include a provision to require that business entities forfeit all tax credits awarded in any year in which the Department of Labor and Workforce Development, the Department of Environmental Protection, or the Department of the Treasury advises the authority that the business entity is not in substantial good standing nor has the business entity entered into an agreement with the respective department that includes a practical corrective action plan, and to allow the authority to extend, in individual cases, the deadline for any annual reporting or certification requirement established pursuant to this section.b. For every tax credit allowed pursuant to section 4 of P.L. 2020, c. 156 (C.34:1B-272), the authority, in consultation with the officer, shall certify to the director: the total cost of rehabilitation or total cost of facade rehabilitation project; that the property meets the definition of qualified property or transformative project, as applicable; and that the rehabilitation or facade rehabilitation project has been completed in substantial compliance with the requirements of the Secretary of the Interior's Standards for Rehabilitation pursuant to section 67.7 of Title 36, Code of Federal Regulations. The business entity shall attach the certification to the tax return on which the business entity claims the credit.c.(1) The total amount of credits approved by the authority pursuant to sections 2 through 8 of P.L. 2020, c. 156 (C.34:1B-270 through C.34:1B-276) shall not exceed the limitations set forth in section 98 of P.L. 2020, c. 156 (C.34:1B-362). For the purpose of determining the aggregate value of tax credits approved in a fiscal year, a tax credit shall be deemed to have been approved at the time the authority approves an application for an award of a tax credit. If the authority approves less than the total amount of tax credits authorized pursuant to this subsection in a fiscal year, the remaining amount, plus any amounts remaining from previous fiscal years, shall be added to the limit of subsequent fiscal years until that amount of tax credits are claimed or allowed. Any unapproved, uncertified, or recaptured portion of tax credits during any fiscal year may be carried over and reallocated in succeeding years.(2) Notwithstanding the provisions of paragraph (1) of this subsection and section 98 of P.L. 2020, c. 156 (C.34:1B-362) to the contrary, the authority may approve tax credits, pursuant to sections 2 through 8 of P.L. 2020, c. 156 (C.34:1B-270 through C.34:1B-276), for the rehabilitation of a transformative project in an amount that causes the total amount of credits approved during the fiscal year to exceed the limitations set forth in section 98 of P.L. 2020, c. 156 (C.34:1B-362), provided that the amount of the excess shall be subtracted from the total amount of credits that may be approved by the authority in the subsequent fiscal year, and the amount of the excess shall not exceed 50 percent of the total tax credits otherwise authorized for the fiscal year.(3) The authority, in consultation with the officer, shall devise criteria for allocating tax credit amounts if the approved amounts combined exceed the total amount in each fiscal year, including rules that allocate over multiple fiscal years a single credit amount granted in excess of $2,000,000. The criteria shall include a project's historic importance, positive impact on the surrounding neighborhood, economic sustainability, geographic diversity, and consistency with Statewide growth and development policies and plans.(4) At the authority's discretion, up to 50 percent of the tax credits available for distribution in any given year may be allocated to facade rehabilitation projects. The amount of credit allowed to a business entity pursuant to this paragraph shall be 50 percent of the cost of facade rehabilitation for a project or $4 million, whichever is less. The tax credits allocated pursuant to this paragraph shall be awarded through a competitive application process whereby the authority shall evaluate all applications submitted by a date certain, as if all received applications were submitted on that date. Notwithstanding the provisions of section 4 of P.L. 2020, c. 156 (C.34:1B-272), a project financing gap analysis shall not be required for the submission or approval of these applications. When scoring applications, the authority shall consider factors including, but not limited to: the retention of existing historic fabric versus demolition; building location, with preference given to buildings that contribute to the historic significance of a historic district; and the amount of community support for the project.d. Notwithstanding any provision of the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), to the contrary, the chief executive officer of the authority may adopt, immediately upon filing with the Office of Administrative Law, rules and regulations necessary to implement the provisions of P.L. 2024, c. 61. The rules and regulations adopted pursuant to this section shall be effective for a period not to exceed 365 days following the date of filing and may thereafter be amended, adopted, or readopted by the director in accordance with the requirements of P.L.1968, c.410 (C.52:14B-1 et seq.).Amended by L. 2024, c. 61,s. 3, eff. 9/4/2024, app. retroactively to unapproved applications pending before December 1, 2023.Amended by L. 2021, c. 160, s. 4, eff. 7/2/2021.Added by L. 2020, c. 156, s. 6, eff. 1/7/2021.