This bill establishes a tax credit program for production companies involved in accredited Pre-Broadway and Post-Broadway theater productions performed at qualified facilities in New Jersey. Specifically, it allows a credit equal to 35 percent of the production and performance expenditures incurred by the taxpayer. Eligible expenditures include costs related to design, construction, operation, payroll (up to $250,000 per week), and certain advertising and transportation expenses. The bill mandates that production companies apply to the New Jersey Economic Development Authority for initial approval, while the final certification of tax credits will be determined by the Director of the Division of Taxation.

Additionally, the bill sets a cap on the total value of tax credits awarded in any fiscal year at $10 million and requires the authority to submit an annual report detailing the applications and credits awarded. The act is set to take effect immediately and will apply to privilege periods and taxable years beginning on or after January 1 of the year following its enactment.