This bill mandates that the Director of the Division of Taxation in the Department of the Treasury must purchase unused tax credits awarded under the New Jersey Aspire Program and the Cultural Arts Incentives Program. Previously, the director had the discretion to purchase unused tax credits from various economic development programs established under the New Jersey Economic Recovery Act of 2020, including the Aspire Program. The new requirement stipulates that the director must pay 85 percent of the value of these tax credits, contingent upon the issuance date of the tax credit certificate or tax credit transfer certificate being at least one year prior to the application date.

Additionally, the bill amends Section 89 of P.L.2020, c.156 to include specific provisions regarding the purchase of tax credits. It introduces new language that specifies the conditions under which the director must purchase credits from the Aspire Program and the Cultural Arts Incentives Program, while also detailing the percentage of the credit amount to be paid. The bill also expands the list of programs from which the director may purchase unused tax credits, ensuring a broader scope of economic development initiatives is covered. The act is set to take effect immediately upon passage.

Statutes affected:
Introduced: 52:18A-263