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.

Additionally, the bill outlines the process for applying and receiving these credits, including the requirement for production companies to provide detailed information about their productions and expenditures. It also specifies that any unused credits can be carried forward for up to three privilege periods or taxable years. The bill mandates that the New Jersey Economic Development Authority submit an annual report detailing the applications and credits awarded, ensuring transparency and accountability in the program's implementation.