The bill revises the Cultural Arts Incentives Program by eliminating the Community-Anchored Development Program and modifying eligibility criteria for tax credits. It allows cultural arts institutions to leverage state tax credits without a competitive application process, clarifying that for-profit entities can qualify under certain conditions, such as receiving federal historic rehabilitation tax credits. The definition of cultural arts institutions is expanded to include national historical parks, and new requirements are introduced, including a minimum capital investment of $5 million and compliance with environmental regulations and prevailing wage standards. The bill also facilitates partnerships between cultural arts institutions and local community organizations to support Work First New Jersey program recipients.

Additionally, the bill establishes a rolling review process for tax credit applications, introduces a scoring system for evaluation, and mandates annual reporting for accountability. It specifies that tax credits can be transferred under certain conditions and prohibits subsequent transfers of these credits by purchasers. The bill also allows for immediate implementation of necessary regulations and removes references to the New Jersey Community-Anchored Development Act from the overall cap on tax credits, which is set at $11.5 billion over nine years. Overall, these amendments aim to streamline tax credit management, enhance transparency, and broaden access to funding for cultural arts projects in New Jersey.

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