NJ A4046

Businesses with incentive agreements may elect to waive the requirement that full-time employees spend at least 60% of their time at a qualified business facility, reducing the requirement to 40% for facilities outside enhanced areas or government-restricted municipalities starting April 1, 2024

Businesses electing the reduced on-site work requirement must extend their commitment duration by two years and pay a non-refundable 10% fee of their maximum annual tax credit to support small business and downtown activation activities

For the period from July 1, 2022 through March 31, 2024, businesses could waive the 60% on-site requirement by having employees spend at least 10% of time at the facility and paying 5% of their tax credit amount to support local small business activities

Businesses may elect to suspend their obligations for the 2020-2024 tax periods due to COVID-19, with the suspension extending the eligibility period by a corresponding amount of time

Tax credits may be carried forward for use in the next 20 successive tax periods, and businesses may transfer credits on or after the date of issuance for use in the tax period issued or in the next three successive periods