This bill aims to stimulate economic growth in New Jersey by authorizing tax credits for developers of sports and entertainment projects. It establishes a framework for tax credit applications, requiring developers to contribute a minimum of 20% of project costs and mandating the completion of projects within specified timeframes. The legislation emphasizes community engagement through workforce development and community benefits agreements, which must involve public hearings and the establishment of advisory committees. Tax credits can cover up to 80% of eligible project costs, with a total cap of $300 million specifically allocated for these projects.

Additionally, the bill amends existing legislation to increase the overall cap on tax credits from $11.5 billion to $14 billion over a nine-year period, with $2.5 billion reserved for transformative projects under the Aspire Program. It introduces specific annual limits for tax credits across various programs and allows for flexibility in exceeding these limits under certain conditions. The bill also includes provisions for the purchase of unused tax credits by the Director of the Division of Taxation and mandates that all construction workers be paid prevailing wage rates. Overall, the legislation seeks to enhance New Jersey's competitive edge in attracting major events while fostering local economic development.

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