Rutgers Law

New Jersey Statutes, Title: 34, LABOR AND WORKMEN'S COMPENSATION

    Chapter 1b:

      Section: 34:1b-308.2: Tax credit award agreement; taxpayer ability to pledge, assign, transfer, sell right, title, interest.

          4. a. A taxpayer who has entered into a tax credit award agreement may, upon notice to and written consent of the authority and State Treasurer, pledge, assign, transfer, or sell any or all of its right, title, and interest in and to the tax credit award agreement and in the tax credit awards payable under the tax credit award agreement, and the right to receive the tax credit awards, along with the rights and remedies provided to the taxpayer under the taxpayer award agreement. Any assignment shall be an absolute assignment for all purposes, including the federal bankruptcy code.

b. Any pledge of a tax credit award made by the taxpayer shall be valid and binding from the time the pledge is made and filed in the records of the authority. The tax credit award pledged and thereafter received by the taxpayer shall immediately be subject to the lien of the pledge without any physical delivery thereof or further act, and the lien of any pledge shall be valid and binding against all parties having claims of any kind in tort, contract, or otherwise against the taxpayer irrespective of whether the parties have notice thereof. As a condition of any tax credit grant, the grantee, assignee, pledgee, or subsequent holder of the tax credit grant shall immediately file notice of the same with the clerk of the county in which the project is located.

c. The authority shall publish on its Internet website the following information concerning each pledge, assignment, transfer, or sale approved by the authority pursuant to this section:

(1) the name of the person or entity offering the pledge, assignment, transfer, or sale of a right, title, or interest in a tax credit award agreement;

(2) the name of the person or entity receiving the pledge, assignment, transfer, or sale of a right, title, or interest in the tax credit award agreement;

(3) the value of the right, title, or interest in the tax credit award agreement; and

(4) the consideration received by the person or entity offering the pledge, assignment, transfer, or sale of the right, title, or interest in the tax credit award agreement.

L.2022, c.47, s.4.

This section added to the Rutgers Database: 2022-08-01 10:21:27.

Older versions of 34:1b-308.2 (if available):

Court decisions that cite this statute: CLICK HERE.