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 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 access these credits, production companies must apply to the New Jersey Economic Development Authority, which will issue initial certifications, while the final approval will be determined by the Director of the Division of Taxation.

The total amount of tax credits that can be awarded in any fiscal year is capped at $10 million. The bill also mandates that the New Jersey Economic Development Authority submit an annual report detailing the applications for tax credits, including the status of each application and the amounts awarded. This initiative aims to support the theater industry in New Jersey by incentivizing productions that contribute to the state's cultural and economic landscape.