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), and certain advertising and transportation expenses. The total value of tax credits awarded in any fiscal year is capped at $10 million.

To access these credits, production companies must apply to the New Jersey Economic Development Authority, which will issue initial certifications. The Director of the Division of Taxation will then make the final determination on the credits within 30 days of receiving the certification. The bill also mandates annual reporting to the Governor and the Legislature detailing the applications and credits awarded, ensuring transparency and oversight of the program.