The bill amends Section 98 of P.L.2020, c.156, to establish a combined cap of $11.5 billion for various tax credits awarded under programs such as the "Historic Property Reinvestment Act," "Brownfields Redevelopment Incentive Program Act," and "Cultural Arts Incentives Program Act." It reserves $2.5 billion specifically for transformative projects under the Aspire Program and sets annual limitations for tax credits awarded during the first six years of a nine-year period, allowing uncommitted portions to be carried over. Additionally, the bill modifies the tax credit structure for film production expenses, introducing a tiered approach based on production location and establishing specific credit percentages for New Jersey studio partners and other taxpayers.

Furthermore, the bill introduces new requirements for taxpayers claiming tax credits related to film production, including the submission of verification reports by independent certified public accountants. It establishes withholding requirements for payments made to various entities involved in production and clarifies definitions related to film and digital media production. The bill also outlines the responsibilities of New Jersey film-lease production companies and studio partners, including the recapture of tax credits if qualifications are not met. Overall, the legislation aims to enhance accountability and transparency in tax credit claims while promoting economic growth through targeted incentives in the film and digital media sectors.

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