The amount of financial assistance must be equal to at least 80% of the amount of the returned tax benefit. Exemption from recycling property tax for machinery and equipment, including parts, used exclusively and directly in waste reduction or recycling. If the redetermination of the credit results in an increase in the tax liability during any period in which the credit was applied, the amount of the unpaid obligation will be considered a deficiency. A business that qualifies within a business district affected by the Urban Business Zone (“affected by the UEZ”) is entitled to a 50% sales tax exemption, to the same extent as that granted to qualifying businesses in adjacent business zones, provided that the company requests certification from the Director of the New Jersey Tax Division, meets the eligibility criteria and meets the annual certification requirements.
The credit is equivalent to 50% of the cost of treatment equipment or transportation equipment less the amount of any loan received and not including the amount of sales and use tax. The number of new full-time jobs for which a company receives a tax credit will not exceed the number of full-time jobs for which the company receives a tax credit, unless the company meets the requirements to create at least 100 new full-time jobs in an industry that the authority determines is desirable for the State to maintain or attract. Reimbursement of 6.5 or 7 percent of equipment costs, depending on whether the company is located in Minnesota. Personal and immovable property tax exemptions for machinery and equipment used to recycle or reprocess paper, cardboard or plastic products.
The equipment must process recyclable materials after consumption or produce finished products composed of at least 25 percent recycled materials after consumption. The purpose of the program is to encourage economic development and job creation and to preserve jobs that currently exist in New Jersey, but that are in danger of being moved to facilities outside the state. Tax credit for pollution control facilities of 50 percent of the capital cost of the recycling facility and equipment, taken at a rate of 5 percent per year for 10 years. The federal government offers business tax credits in the form of tax credits on qualifying commercial waste disposal and recycling equipment.
The tax credit can be awarded in the amount of up to 50% of the approved assistance provided to a non-profit organization to implement a qualified project that is part of an approved neighborhood preservation and revitalization plan. Machinery and equipment must be used to manufacture, process, compose, or produce items from recyclable materials. Any taxpayer who actively participates in carrying out their business in a location within a project as defined in N. The amount of credit requested for the privilege period in which the purchase is made and, therefore, the amount of credit requested in each subsequent privilege period will not exceed 20% of the total credit amount allowed.