This bill amends Section 89 of P.L.2020, c.156, allowing the Director of the Division of Taxation in the Department of the Treasury to purchase unused tax credits from specific programs. The bill specifies that the director must purchase unused tax credits from the New Jersey Aspire Program Act and the Cultural Arts Incentives Program Act at a rate of 85% of the credit amount, provided certain conditions are met, including that the issuance date of the tax credit certificate occurred at least one year prior to the application date. Additionally, the director may purchase unused tax credits from other programs listed in the bill, with a maximum payment of 75% of the credit amount for most programs.

The bill also clarifies the list of programs from which the director can purchase unused tax credits, including the Historic Property Reinvestment Act, Brownfield Redevelopment Incentive Program Act, and others, while adding the Cultural Arts Incentives Program Act to the list. The changes aim to enhance the state's ability to manage and utilize unused tax credits effectively, thereby supporting economic recovery initiatives. The act is set to take effect immediately upon passage.

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