34:1B-258 Transformative Headquarters Economic Assistance Program.
3. a. The Transformative Headquarters Economic Assistance Program is hereby established as a program under the jurisdiction of the New Jersey Economic Development Authority and shall be administered by the authority. The purpose of the program shall be to encourage economic development and job creation in New Jersey by providing tax credits to a business establishing a transformative corporate headquarters in this State, at which at least 30,000 new full-time jobs will be created and at least $3,000,000,000 in capital investment will be made. To implement this purpose, the program may provide tax credits claimed by an eligible business for an eligibility period not to exceed 10 years per project phase.
b. To be eligible for any tax credits pursuant to P.L.2017, c.282 (C.34:1B-256 et seq.), a business's chief executive officer or equivalent officer shall demonstrate to the authority, at the time of application, that:
(1) the business, expressly including its landlord or seller, will make, acquire, or lease a capital investment equal to, or greater than, $3,000,000,000 at a transformative corporate headquarters at which it intends to create new full-time jobs in an amount equal to or greater than 30,000;
(2) the transformative corporate headquarters shall be constructed in accordance with the minimum environmental and sustainability standards as determined by the authority;
(3) (a) the capital investment resultant from the award of tax credits and the resultant creation of full-time jobs will yield a net positive benefit to the State equaling at least 115 percent of the requested tax credit allocation amount where the net positive benefit determination shall be calculated for each phase and based on the benefits generated during a period of up to 50 years following completion of each phase of the transformative corporate headquarters, as determined by the authority, and shall equal at least 115 percent of the requested tax credit allocation amount;
(b) an individual phase may generate a net benefit of less than 115 percent of the tax credit allocation amount, provided that the total of all phases calculated up to that point, including the current phase, is at least 115 percent; and
(c) the calculation of future phases of the headquarters shall not be used to claim a net positive benefit to the State equaling at least 115 percent of the requested tax credit allocation amount towards the calculation of the current phase; and
(4) the award of tax credits will be a material factor in the business's decision to create at least 30,000 new full-time jobs at the headquarters for eligibility under the program.
c. The minimum capital investment required to be eligible under the program shall be $120 per square foot of gross leasable area for construction of a transformative corporate headquarters.
d. To assist the authority in determining whether a proposed capital investment will yield a net positive benefit, the business's chief executive officer, or equivalent officer, shall submit a certification to the authority indicating:
(1) that any projected creation of new full-time jobs at a transformative corporate headquarters would not occur but for the provision of tax credits under the program; and
(2) that the business's chief executive officer, or equivalent officer, has reviewed the information submitted to the authority and that the representations contained therein are accurate, provided however, that in satisfaction of the provisions of paragraphs (2) and (3) of subsection b. of this section, the certification shall indicate that the provision of tax credits under the program is a material factor in the business decision to create the minimum number of new full-time jobs set forth in the business's application and make a minimum amount of capital investment of $3,000,000,000 at a transformative corporate headquarters.
In the event that this certification by the business's chief executive officer, or equivalent officer, is found to be willfully false, the authority may revoke any award of tax credits in their entirety, which revocation shall be in addition to any other criminal or civil penalties that the business and the officer may be subject to.
L.2017, c.282, s.3.