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 qualify for the tax credit, 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 awarded in any fiscal year is capped at $10 million.

The bill also outlines the process for applying for the tax credits, including the necessary information that must be submitted with the application, such as details about the accredited theater production and the qualified production facility. Additionally, it mandates that the authority submit an annual report to the Governor and the Legislature detailing the applications received, their statuses, and the 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 following its enactment.