Bill > S4255

This bill modifies several provisions of economic development tax credit programs in New Jersey, with a primary focus on the Cultural Arts Incentives Program. The bill expands the definition of a "cultural arts institution" to include a broader range of organizations, such as nonprofits operating veterans' memorials and institutions partnered with the National Park Service. It adjusts the application and review process for tax credits, moving from a competitive annual round to a rolling review process that allows for more flexibility. The bill removes the requirement for cultural arts institutions to set aside an operating reserve and modifies how project costs and tax credits can be calculated. Additionally, the bill eliminates the Community-Anchored Development Program, removing references to it in various sections of existing law. The changes aim to make the Cultural Arts Incentives Program more accessible and adaptable, particularly for organizations working on projects that promote arts, cultural, and educational enrichment in New Jersey.

Budget and Finance, Business and Industry

https://www.njleg.state.nj.us/bill-search/2024/S4255