Bill > A5170

This bill modifies the state's process for purchasing unused tax credits issued under the New Jersey Economic Recovery Act of 2020, expanding the range of tax credit programs from which the Director of the Division of Taxation can purchase credits. Specifically, the bill allows the director to purchase unused tax credits from various economic development programs, including the Historic Property Reinvestment Act, Brownfield Redevelopment Incentive Program, New Jersey Innovation Evergreen Act, and several others. The bill sets different purchase rates for different programs, typically paying up to 75% of the credit amount, but with special provisions for some programs. For example, the Cultural Arts Incentives Program and New Jersey Aspire Program credits can be purchased at 85%, while the Garden State Film and Digital Media Jobs Act credits can be purchased at 95% for certain applications after January 1, 2026. The bill also establishes annual purchase limits for film and digital media tax credits and includes specific conditions for purchasing credits, such as ensuring full funding for public schools, retirement system contributions, and maintaining a budget surplus. The legislation aims to provide more flexibility and support for various economic development and creative industry tax credit programs in New Jersey.

Budget and Finance

https://www.njleg.state.nj.us/bill-search/2024/A5170