The New Jersey Economic Development Authority has extended the annual reporting deadlines for businesses that received tax credits through the Grow New Jersey, Economic Redevelopment & Growth and Urban Transit Hub programs because of the impact of COVID-19, the EDA announced Monday.
Under the extension, annual reports will be due 90 days after the EDA notifies businesses the restrictions imposed by Gov. Phil Murphy’s statewide stay-at-home order issued March 21 are no longer in effect.
Under existing rules for the Grow NJ and HUB programs, award recipients must submit an annual report 120 days after the end of the relevant tax period. Failure to submit this report in timely fashion results in forfeiture of the tax credit for that tax period.
Similarly, residential and mixed-use parking ERG approval letters require an annual report for a developer’s tax period within 120 days after the end of the tax period. Failure to submit this report in timely fashion results in the forfeiture of the tax credits for that tax period.
This was impacted last month, when Murphy — through Executive Order 107 — announced the closure of all non-essential retail business, requiring all employers to offer work-form-home wherever practicable and directing all residents to abide by social distancing practices. The governor has since announced subsequent containment measures.
