This bill establishes a tax credit program for production companies involved in accredited theater productions in New Jersey, specifically targeting pre-Broadway and post-Broadway shows. The tax credits will amount to 35 percent of the production and performance expenditures incurred by the companies. Eligible expenditures include costs related to design, construction, operation, payroll (up to $250,000 per week), advertising, and transportation, among others. Production companies must apply to the New Jersey Economic Development Authority for initial approval, while the final certification of tax credits will be determined by the Director of the Division of Taxation. The total value of tax credits awarded in any fiscal year is capped at $10 million.

The bill also outlines the process for application and approval, requiring detailed information about the accredited theater production and the qualified production facility where it is performed. The authority will approve applications on a rolling basis, contingent on the availability of credits, and must report annually to the Governor and the Legislature on the status of applications and credits awarded. This initiative aims to support the theater industry in New Jersey by incentivizing production companies to invest in local performances.