New Jersey has adopted new regulations to implement the Offshore Wind Economic Development Tax Credit Program.
Under the program, the New Jersey Economic Development Authority may approve up to $100 million, except as may be increased by the Authority, in tax credits for the development of certain qualified wind energy facilities in wind energy zones. The tax credits are equal to 100% of the claimants’ qualified capital investments made, except as may be limited by the net positive economic benefits test. Taxpayers may apply 10% of the total credit amount per year over a 10-year period against their corporation business or insurance premiums tax.
Eligible businesses include those that:
– make at least $50 million in new capital investments in a qualified wind energy facility; and
– employ at least 300 new, full-time employees at that facility.
Businesses must apply for the tax credits by July 1, 2024, and satisfy the capital investment and employment conditions for award of the credits by July 1, 2027.
N.J.A.C. 19:31-20, New Jersey Economic Development Authority, effective October 17, 2018, and expire effective October 17, 2019.