The bill revises the Cultural Arts Incentives Program and repeals the Community-Anchored Development Program, emphasizing the importance of cultural arts institutions in fostering economic development within targeted communities. It allows these institutions to utilize proceeds from the sale of State tax credits without undergoing a competitive application process for occupancy costs. The definition of "cultural arts institution" is expanded to include the National Park Service and developers with partnership agreements, while also clarifying the types of facilities that qualify. The bill introduces new provisions regarding project costs, eligibility criteria, and compliance with environmental standards and local workforce initiatives.

Additionally, the bill modifies the application and award process for tax credits, establishing a rolling review system unless demand exceeds available credits, at which point a competitive process may be reinstated. It requires cultural arts institutions to maintain ownership or lease space for a specified period and mandates a minimum equity requirement for projects. The bill also introduces a scoring system for evaluating applications, outlines the process for transferring tax credits, and sets a new overall cap of $11.5 billion for tax credits awarded across various programs. Overall, the bill aims to streamline the process for cultural arts institutions to access tax credits while ensuring alignment with the state's economic 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