Bill > A5650

This bill modifies the New Jersey Community-Anchored Development Program. Key provisions include: - Expanding the definition of "anchor institution" to include cultural arts institutions and governmental economic or community development entities. - Allowing tax credits awarded under the program to be utilized in conjunction with the New Jersey Aspire Program. - Providing tax credit awards for the development or rehabilitation of cultural arts institution facilities, with a combined total of $300 million in tax credits to be awarded over 4 fiscal years. - Establishing criteria for evaluating applications from anchor institutions seeking tax credit awards for cultural arts institution facility projects. - Streamlining the process for the chief executive officer of the New Jersey Economic Development Authority to adopt rules and regulations to implement the modified program.

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https://www.njleg.state.nj.us/bill-search/2022/A5650