The bill modifies the Cultural Arts Incentives Program in New Jersey by eliminating the Community-Anchored Development Program and streamlining the process for cultural arts institutions to obtain state tax credits. It removes the previous requirement for these institutions to compete for tax credits based on occupancy costs and expands the definition of a cultural arts institution to include for-profit entities under certain conditions. New criteria for tax credit eligibility are established, including a minimum capital investment of $5 million and compliance with environmental sustainability and labor standards. The bill also encourages partnerships with local organizations to support job training for Work First New Jersey program recipients.

Additionally, the bill introduces significant changes to the application and award process for tax credits, including a rolling review of applications and a scoring system to evaluate projects based on their alignment with local development goals and job creation potential. It specifies that cultural arts institutions must maintain operational control of their facilities and have a minimum equity stake in their projects. The bill also allows for the transfer of tax credits under certain conditions and mandates the authority to publish information about approved transfers. Overall, these amendments aim to enhance the effectiveness and accountability of the Cultural Arts Incentives Program while aligning tax credit distribution with the state's economic priorities.

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