IF YOU ARE: A New Jersey-based business with unused amounts of Business Retention and Relocation Assistance Grant (BRRAG) tax credits.
YOU CAN: Raise cash by selling your unused BRRAG tax credits to affiliated or unaffiliated New Jersey businesses for at least 80% of their value.
TO BE USED TO: Exchange unused tax credits for private funding.
PROGRAM DETAILS: A BRRAG tax credit may be applied against liability arising in the tax period for which the tax credit is issued. Therefore, eligibility for this program will require the selling business to certify that to the best of its knowledge, it cannot use the tax credits originally issued for the tax period in which the credits are allowable.
A business may apply to the program if it:
- Entered into a BRRAG project agreement and is not in default of that project agreement;
- Has unused amounts of BRRAG tax credits issued and otherwise allowable; and
- Certifies that it cannot use the BRRAG tax credits originally issued for the tax period in which the credits are allowable.
- Application fee: $2,500
- Modification fee: $750 (administrative change); $1,500 (major change)
Division of Taxation Tax Clearance Certificate Application Processing Fee: $75 for standard processing; $200 for expedited processing (response within three business days)
*All fees are non-refundable.