The bill revises the Cultural Arts Incentives Program by streamlining the application process for tax credits and expanding the definition of eligible cultural arts institutions. It eliminates the Community-Anchored Development Program and allows cultural arts institutions to utilize proceeds from the sale of State tax credits without undergoing a competitive application process. The bill clarifies that cultural arts institutions can include the National Park Service and developers with partnership agreements, while also broadening the types of facilities that qualify. New criteria for receiving tax credits are established, including a minimum capital investment of $5 million and compliance with environmental sustainability and labor standards.

Additionally, the bill introduces provisions for the review of applications on a rolling basis, unless demand exceeds available credits, in which case a competitive process may be reinstated. It mandates that cultural arts institutions must own or lease their facilities and have at least 20% equity in their projects, with specific provisions for government-restricted municipalities. The bill also sets a cap on the total tax credits awarded under various programs, including a limit of $11.5 billion over nine years, and removes references to the New Jersey Community-Anchored Development Act. Overall, the amendments aim to enhance support for cultural arts projects, promote community development, and ensure effective utilization of tax credits.

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