The bill amends Section 98 of P.L.2020, c.156 (C.34:1B-362) to establish a combined cap of $11.5 billion on all tax credits awarded under various economic development programs over a nine-year period, including the "Historic Property Reinvestment Act," "Brownfields Redevelopment Incentive Program Act," and the "Cultural Arts Incentives Program Act." Of this total cap, $2.5 billion is specifically reserved for transformative projects under the "New Jersey Aspire Program." The bill also introduces annual limitations on the total value of tax credits awarded under each program during the first six years, with specific allocations for different programs and geographic areas. Additionally, it modifies tax credit provisions for film production expenses, allowing for credits based on a percentage of qualified expenses incurred in New Jersey, with New Jersey studio partners receiving a 40% credit and other taxpayers receiving 35%.

Furthermore, the bill establishes new requirements for taxpayers claiming tax credits related to film production, including the submission of independent verification reports and the introduction of withholding requirements for certain payments. It clarifies definitions related to film production and outlines eligibility criteria for tax credits associated with qualified expenses. The bill also emphasizes diversity in hiring practices within the film industry by providing increased tax credits contingent upon the approval of a diversity plan. Overall, the legislation aims to enhance economic recovery and support various sectors, particularly film and digital media production, while ensuring fiscal responsibility and compliance with established regulations.

Statutes affected:
Introduced: 54:10A-5.39, 54A:4-12
Advance Law: 34:1B-362, 54:10A-5.39, 54A:4-12
Pamphlet Law: 34:1B-362, 54:10A-5.39, 54A:4-12