HELPING TO BUILD A STRONGER AND FAIRER NEW JERSEY ECONOMY
Program Details:
If You Are:
A business making a capital investment in a qualied wind energy facility of $50M ($17.5M if a
tenant) in New Jersey and will be employing at least 150 new, full-time employees at the qualied
wind energy facility or through an equipment supply coordination agreement.
You Can Apply For:
Tax credits equal up to 100% of the qualied capital investments made, except as limited by a
110% net positive economic benet to the State.
Taxpayers may apply 20% of the total credit amount per year over a ve-year period against their
corporate business tax or insurance premiums, or sell the tax credit certicate for an amount not
less than 75% of the credit amount.
Eligibility Guidelines:
Capital Investment Requirements:
• Businesses must make or acquire a minimum $50 million capital investment in a qualied
wind energy facility located in New Jersey.
• Tenants must occupy space in a qualied wind energy facility located in New Jersey
where the owner has made or acquired a minimum $50 million capital investment in the
facility. The tenant-occupied space must represent at least $17.5 million of the capital
investment in the facility.
New Full-Time Employee Requirements:
Must employ a minimum number of new, full-time employees compared to the start of the
application during the ve eligibility years following application for the tax credit
Eligibility Year
Minimum Number of New
Full Time Employees
First Year 100
Second Year 150
Third Year 200
Fourth Year 300
Fifth Year 300
Eligible businesses with between 150 and 300 new, full-time employees compared to the number
of full-time employees at the time of application will receive an award based on the following
prorated formula.
Percent of Tax Credit
Eligibility Year
Minimum Number of New
Full Time Employees
50% 150-199
65% 200-249
85% 250-299
The Oshore Wind
Tax Credit is a
powerful nancial
tool designed to
spur private capital
investment and
employment growth
in major, land-
based oshore wind
industry projects.
The tax credit
program provides
reimbursement for
capital investments
in industry-specic
facilities located in
New Jersey.
Oshore
Wind Tax
Credit
Program
Learn More
at
www.njeda.com/oshore-
windtaxcredit
continued
@NewJerseyEDA
The calculation of new full-time employees may include new full-time employees resulting from supply coordination agreements between
the applicant and an equipment manufacturer, supplier, installer or operator that supports a qualied oshore wind project. All supply chain
jobs must also be new jobs (above a baseline set before the rst-year supplier agreement with the applicant). These positions will be counted
on a cumulative hour/full time equivalent basis.
New full-time jobs can be counted if the employee’s primary oce is at the qualied wind energy facility and they spend at least 80% of his
or her time at the facility. They can also be counted if they result from a supply coordination agreement and the employee spends at least
80% of his or her time in New Jersey.
Please note the tax credits may be reduced or forfeited if facility or employment levels are not maintained for the required term.
Fees:
Oshore Wind Tax Credit
Projects with 150-299 jobs
at QWF
Projects with 300+ jobs at
QWF
Application Fee $10,000 $15,000
Approval (Letter of Inten Fee $150,000 $300,000
Tax Credit Certicate Fee $150,000 $300,000
Annual Servicing Fee $50,000 $75,000
Tax Credit Transfer Fee (initial request) $10,000 $15,000
Tax Credit Transfer Fee
(subsequent requests)
$5,000 $7,50 0
Administrative Change Fee $5,000 $7,50 0
Major Administrative Change Fee $15,000 $25,000
More Information
Net Positive Economic Benets Test:
• Tax credit awards will be subject to a net positive economic benets test. This means that a project must demonstrate that as a
result of the capital investment and the resultant job creation, the State of New Jersey will receive (through sales, payroll, prop-
erty, and other taxes) at least 110 percent of the total tax credit amount over a 5-year period.
• For the Oshore Wind Tax Credit Program, the net positive benets test considers direct, indirect, and induced benets to the
State during construction, and direct and indirect benets for ongoing business activity.
• Applicants may request an extended net-benet period (up to 20 years) if there is veriable evidence of a longer company
commitment to the state (i.e., a lease for 20+ years).
Prevailing Wage
• Projects utilizing NJEDA nancial assistance for construction related costs are subject to state prevailing wage requirements.
• Eective April 1, 2020 all construction contracts in which prevailing wage applies must provide proof of valid NJ Department of
Labor Construction Registration Certication.
More information and application available on our website at
https://www.njeda.com/oshorewindtaxcredit
*additional fees posted on our website at www.njeda.com/oshorewindtaxcredit
In order to receive the Oshore Wind Tax Credit, a business must pay the following fees based on the number of new, full-time employees
at the qualied wind energy facility (QWF) as listed in the application, and subsequently approved by NJEDA as follows
