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New Jersey’s Neighborhood Revitalization Tax Credit: A Guide for Businesses

New Jersey’s Neighborhood Revitalization Tax Credit: A Guide for Businesses. A public, private, and non-profit partnership for transformative change. What is the NRTC? .

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New Jersey’s Neighborhood Revitalization Tax Credit: A Guide for Businesses

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  1. New Jersey’s Neighborhood Revitalization Tax Credit: A Guide for Businesses A public, private, and non-profit partnership for transformative change

  2. What is the NRTC? • The Neighborhood Revitalization Tax Credit is a program designed to encourage private investment in eligible municipalities. • Businesses invest money in the program and in turn receive a 100% tax credit against their NJ State tax obligation • Funds invested into NRTC are used by community-based non-profit organizations (with 501 (c) (3) designations), for projects that are a part of a neighborhood plan that the Department of Community Affairs has reviewed and approved.

  3. A business is permitted to invest a minimum of $25,000 up to a maximum of $1,000,000 per year in the program (no more than $5,000,000 may be invested over a five-year period.) The business will then receive a 100% tax credit on its investment -If a business invests $1,500,000 spread out over 3 years, the business will receive a tax credit of $500,000 a year, for three years. How much in tax credits may a business receive?

  4. Why participate in the NRTC? • Capitalize on a 100% State Tax Credit. • Revitalize the area where you do business. • Strengthen your corporate image. • Create community and public relations opportunities. • Meet the requirements of the Community Reinvestment Act.

  5. Corporate Business Tax Petroleum Products Gross Receipts Tax Public Utilities Franchise Tax Public Utilities Gross Receipts Tax Public Utility Excise Tax Railroad Franchise Tax Insurance Premium Tax What taxes are eligible for the tax credit?“Credit shall be allowed for any tax on business-related income other than New Jersey Gross Income Tax”

  6. Horizon Blue Cross & Blue Shield JPMorgan Chase Jersey Central Power & Light Merrill Lynch Credit Corporation NJ Natural Gas NJ Pure/ NJ Cure - Lakeland Bank - PNCBank - PSE&G - PSE&G Enterprise Group - Selective Insurance - Valley National Bank WHO ARE OUR INVESTORS?

  7. General Pool A business may make funding available to non-profit organizations (with eligible projects) by allocating their funding to a general pool A business may require that certain conditions be met, such as designating funding to a certain town or neighborhood. Partner Specific A business may choose to partner with a specific nonprofit organization and direct its investment to a specific project. How may a business invest in the program?

  8. How does a business apply?

  9. For how many years can the tax credit be applied? • The tax credit shall be awarded only for assistance provided within the same tax year in which the certificate has been issued. Or, if assistance is approved for more than one year, the same tax credit may be applied to each subsequent tax year as set forth in the schedule.

  10. Submit a simple one-page application to DCA. Once the application is approved, DCA will issue a Tax Certificate to the business The certificate will specify the dollar amount of State tax credits that the business entity may take as an annual credit against the prescribed taxes. How does a business apply?

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