This bill authorizes tax credits for developers of sports and entertainment projects in New Jersey, aiming to stimulate economic growth and community engagement through the renovation and enhancement of existing facilities. It establishes a framework for developers to apply for tax credits covering up to 80% of eligible project costs, with a maximum cap of $300 million for each project. The legislation also introduces requirements for workforce development agreements and community benefits agreements, ensuring local communities benefit from the projects. Additionally, it mandates that construction workers be paid prevailing wages and that projects adhere to enhanced green building standards.

Furthermore, the bill amends existing legislation to increase the overall cap on tax credits from $11.5 billion to $14.3 billion over a nine-year period, with $2.5 billion specifically reserved for transformative projects under the Aspire Program. It establishes specific annual limitations for tax credits awarded under various programs and allows for flexibility in the allocation of uncommitted tax credits in future years. The bill also includes provisions for the Director of the Division of Taxation to purchase unused tax credits and recapture them if developers fail to comply with agreement terms, ensuring accountability and promoting sustainable practices in the development process.

Statutes affected:
Introduced: 34:1B-362, 52:18A-263