Bill > S4011

This bill modifies the New Jersey Community-Anchored Development Program. The key provisions are: - Expands the definition of "anchor institution" to include cultural arts institutions, nonprofit or governmental economic or community development entities, and experienced entities undertaking projects in the fields of arts, culture, comprehensive healthcare services, or life science research and innovation. - Allows cultural arts institution facilities to be eligible for tax credit awards of up to 100% of eligible project costs, or $75 million, whichever is less, through a competitive application process. - Creates the "Cultural Arts Incentives Program" under the New Jersey Economic Development Authority to incentivize cultural arts projects, including through the sale of state tax credits. - Establishes criteria and requirements for cultural arts institutions to be eligible for the tax credit awards, including demonstrating a project financing gap and obtaining municipal support. - Outlines the process for awarding tax credits to cultural arts institutions through a competitive application system based on various criteria. - Allows cultural arts institutions to sell or use the awarded tax credits to finance their projects, subject to oversight and reporting requirements. - Increases the overall cap on tax credits awarded under various economic development programs, including the new Cultural Arts Incentives Program.

Budget and Finance

https://www.njleg.state.nj.us/bill-search/2022/S4011