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 may purchase unused tax credits from programs listed in paragraphs (1) through (5) and (7) through (12) of subsection b, and is required to purchase credits from paragraphs (6) and (13). The Director is prohibited from paying more than 75% of the credit amount for most credits, but can pay up to 85% for credits from the New Jersey Aspire Program Act and the Cultural Arts Incentives Program Act, provided certain conditions are met.

Additionally, the bill includes a list of programs from which the Director may purchase tax credits, including the Historic Property Reinvestment Act, Brownfield Redevelopment Incentive Program Act, and others, culminating in the inclusion of the Cultural Arts Incentives Program Act. The bill aims to facilitate the purchase of unused tax credits to support economic recovery initiatives in New Jersey. 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