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." Within this cap, $2.5 billion is specifically reserved for transformative projects under the Aspire Program. The bill also sets annual limitations on the total value of tax credits awarded for each program during the first six years, with specific allocations for different programs and regions. Additionally, it modifies the tax credit structure for film production expenses, allowing for credits based on a percentage of qualified expenses incurred in New Jersey, with specific rates for designated New Jersey studio partners and film-lease production companies.

Furthermore, the bill introduces new requirements for taxpayers claiming tax credits related to film production, including the submission of reports prepared by independent certified public accountants to verify claims. It establishes withholding requirements for payments made to various entities involved in film production and clarifies definitions related to film and digital media production. The bill also emphasizes diversity in hiring practices by allowing for increased tax credits contingent upon the approval of a diversity plan. Overall, the legislation aims to enhance economic development through targeted tax incentives while ensuring accountability and compliance with tax 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