Bill > S3503

This bill establishes a tax credit program to incentivize pre-Broadway and post-Broadway theater productions in New Jersey, providing production companies with a 35 percent tax credit for production and performance expenditures. The credit can be applied against both corporation business and gross income taxes, with certain limitations: the credit cannot reduce tax liability below the statutory minimum, and any unused credit can be carried forward for up to three subsequent tax periods. Production companies must apply to the New Jersey Economic Development Authority (NJEDA) with detailed information about their theater production, including performance dates, facility, and expenditures. The total value of tax credits is capped at $10 million per fiscal year, and the NJEDA must submit an annual report to the Governor and Legislature detailing the applications and credits awarded. Eligible productions must be for-profit live stage presentations performed at a qualified in-state production facility with at least 350 seats, either intended for Broadway or opening their national tour after Broadway performances. Qualified expenditures include design, construction, payroll, advertising, transportation, and other production-related costs. The bill aims to support and attract theater productions to New Jersey by providing significant financial incentives.

Budget and Finance, Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2024/S3503