The bill amends various sections of P.L.2023, c.197, to enhance the Cultural Arts Incentives Program under the New Jersey Economic Development Authority, recognizing cultural arts institutions as vital to economic development in targeted communities. It establishes eligibility criteria for these institutions to receive tax credits, requiring a minimum capital investment of $5 million and compliance with operational and financial standards. The legislation allows tax credits to cover up to 100% of eligible project costs, capped at $75 million per project, and mandates that institutions demonstrate project viability through independent market studies. Additionally, it introduces a competitive application process based on alignment with local development goals, job creation potential, and board diversity, while empowering the authority to conduct background checks and ensure compliance with labor and environmental regulations.

Furthermore, the bill allocates $11.5 billion for various tax credit programs, with specific provisions for the Aspire Program and transformative projects. It increases tax credit percentages for the Cultural Arts Incentives Program Act and the Garden State Film and Digital Media Jobs Act, while establishing a cumulative cap on tax credits purchased by the Director of the Division of Taxation. The bill also enforces prevailing wage requirements for construction contracts and outlines conditions for tax credit claims, emphasizing support for redevelopment projects in distressed municipalities. It introduces definitions for key terms related to redevelopment and economic incentives, streamlining the process for developers and promoting economic growth in targeted areas.

Statutes affected:
Introduced: 34:1B-384, 34:1B-385, 34:1B-386, 34:1B-387, 34:1B-389, 34:1B-390, 34:1B-391, 34:1B-392, 34:1B-393, 34:1B-362, 52:18A-263, 34:1B-5.1
Advance Law: 34:1B-384, 34:1B-385, 34:1B-386, 34:1B-387, 34:1B-389, 34:1B-390, 34:1B-391, 34:1B-392, 34:1B-393, 34:1B-362, 52:18A-263, 34:1B-5.1, 34:1B-323, 34:1B-333, 34:1B-247
Pamphlet Law: 34:1B-384, 34:1B-385, 34:1B-386, 34:1B-387, 34:1B-389, 34:1B-390, 34:1B-391, 34:1B-392, 34:1B-393, 34:1B-362, 52:18A-263, 34:1B-5.1, 34:1B-323, 34:1B-333, 34:1B-247