The "Tax Credit Review Act" mandates the Chief Executive Officer of the New Jersey Economic Development Authority to hire a nonpartisan expert within three months of the bill's enactment to evaluate the efficacy of the New Jersey Film and Digital Media Tax Credit Program. This expert will conduct a comprehensive review that includes a cost-benefit analysis, an assessment of the program's success in meeting its goals, and recommendations for improvement. The review must be completed within nine months and will cover various aspects such as total costs, economic impacts, effectiveness in achieving objectives, and suggestions for future reviews of other state economic development programs.

Additionally, the bill requires state agencies, local governments, and tax credit recipients to provide relevant data to the expert upon request, while allowing for the redaction of confidential information. Once the expert's report is finalized, the Chief Executive Officer must submit it to the Governor and the Legislature, and present the findings to the Senate Budget and Appropriations Committee and the Assembly Budget Committee during their subsequent budget hearings. This act aims to enhance transparency and accountability in the use of state tax incentives.