This bill mandates that the Director of the Division of Taxation in the Department of the Treasury must purchase unused tax credits issued under the New Jersey Aspire Program and the Cultural Arts Incentives Program. The director is required to pay an amount equal to 85 percent of the credit value, contingent upon the condition that the issuance date of the tax credit certificate or tax credit transfer certificate occurred at least one year prior to the application date to the director.

Additionally, the bill amends Section 89 of P.L.2020, c.156 to specify that the director shall purchase unused tax credits awarded under the Aspire Program and the Cultural Arts Incentives Program, while also detailing the conditions under which these purchases must occur. The bill also clarifies that the director may purchase tax credits from various other programs, including the Emerge Program, Historic Property Reinvestment Act, and others, but emphasizes the mandatory purchase for the Aspire and Cultural Arts programs.

Statutes affected:
Introduced: 52:18A-263