The bill amends Section 89 of P.L.2020, c.156 (C.52:18A-263) to outline the conditions under which the Director of the Division of Taxation in the Department of the Treasury may purchase unused tax credits from various programs. It specifies that the director shall purchase unused tax credits from certain programs, including the "New Jersey Aspire Program Act" and the "Cultural Arts Incentives Program Act," at a rate of 85% of the credit amount, provided that the tax credit certificate was issued at least one year prior to the application. Additionally, for the "Garden State Film and Digital Media Jobs Act," the director may pay up to 95% of the credit amount for applications approved on or after January 1, 2026, with a cumulative purchase limit set for each fiscal year.

The bill also establishes conditions for the purchase of tax credits, including the requirement for full funding for public education and contributions to state retirement systems, as well as maintaining a budgetary surplus of at least 12% of total appropriations. The director is granted the authority to purchase tax credits from a variety of programs, including those related to historic property reinvestment, brownfield redevelopment, and economic growth initiatives. The act is set to take effect immediately upon approval.

Statutes affected:
Introduced: 52:18A-263
Advance Law: 52:18A-263
Pamphlet Law: 52:18A-263