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 (NJEDA). It recognizes cultural arts institutions as vital to economic development, allowing them to use proceeds from state tax credits to fund projects. The legislation sets eligibility criteria for these institutions, requiring a minimum capital investment of $5 million and adherence to operational and financial standards. Tax credits can cover up to 100% of eligible project costs, capped at $75 million per project, and institutions must demonstrate a financing gap and comply with prevailing wage laws. The NJEDA will evaluate project success based on independent market studies and ensure compliance with state regulations.

Additionally, the bill establishes a competitive application process for tax credits, requiring institutions to meet specific scoring criteria related to alignment with state goals, job creation potential, and board diversity. It introduces provisions for tax credit transfer certificates, allowing institutions to sell or assign their credits under certain conditions. The bill also allocates $11.5 billion for various tax credit programs, with specific annual limits and provisions for geographic distribution. It mandates the NJEDA to adopt regulations ensuring prevailing wage rates for construction workers on projects receiving financial assistance. Overall, the amendments aim to stimulate economic growth and investment in New Jersey through targeted tax incentives while ensuring accountability and alignment with broader economic development goals.

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