This bill establishes a tax credit program for production companies involved in accredited Pre-Broadway and Post-Broadway theater productions in New Jersey. Specifically, it allows these companies to receive a credit equal to 35 percent of their production and performance expenditures, which encompass costs related to design, construction, operation, payroll (up to $250,000 per week), advertising, public relations, and transportation. To qualify, productions must be performed at designated qualified production facilities within the state. The New Jersey Economic Development Authority will oversee the application process, while the Director of the Division of Taxation will provide final approval for the credits.

Additionally, the bill sets a cap on the total value of tax credits that can be awarded in any fiscal year, limiting it to $10 million. It mandates that the authority submit an annual report detailing the applications and credits awarded, ensuring transparency and accountability in the program. 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.