New Jersey 2022-2023 Regular Session

New Jersey Senate Bill S4011

Introduced
6/26/23  
Refer
6/26/23  
Report Pass
6/27/23  
Engrossed
6/30/23  
Enrolled
6/30/23  
Vetoed
11/27/23  
Engrossed
12/21/23  
Enrolled
12/21/23  
Chaptered
12/21/23  

Caption

Modifies New Jersey Community-Anchored Development Program.

Impact

By modifying existing laws, S4011 seeks to establish a more structured framework for how tax credits are awarded and utilized. The bill stipulates that cultural arts institutions must report annually on their compliance with funding requirements, ensuring accountability. It also emphasizes the need for rigorous scrutiny of applicants to confirm their standing with various state departments, potentially setting higher operational standards for institutions that wish to qualify for financial aid via tax credits.

Summary

S4011 modifies the New Jersey Community-Anchored Development Program, allowing cultural arts institutions to receive tax credits as an investment for their projects. The bill emphasizes enhancing local economies through community-anchored projects, which are expected to utilize tax credits to support culture-centric developments that promote economic growth and job creation. The main goal is to enable cultural groups to leverage state resources, encouraging partnerships that can lead to revitalization in economically distressed areas.

Sentiment

The sentiment around S4011 is mixed, with proponents arguing it represents a vital investment in New Jersey's cultural infrastructure, while opponents express concerns about the potential for misuse of tax credits if oversight is inadequate. Many advocate for a clearer framework to ensure that community needs are being met without compromising quality or accountability in project deliverables. This tension reflects broader debates on economic investment versus community autonomy.

Contention

Notable points of contention surrounding the bill include the extent of oversight placed on cultural arts institutions and the potential administrative burden that may arise. Critics argue that if not managed correctly, the push for rapid development through incentives could lead to superficial projects that fail to address long-term community needs. Furthermore, the allocation of tax credits raises questions about the equitable distribution of state resources, particularly concerning which projects are deemed eligible.

Companion Bills

NJ A5650

Same As Modifies New Jersey Community-Anchored Development Program.

Previously Filed As

NJ A5650

Modifies New Jersey Community-Anchored Development Program.

NJ A5378

Modifies provisions of Cultural Arts Incentives Program, New Jersey Aspire Program, and Grow New Jersey Program; eliminates Community-Anchored Development Program.

NJ S4255

Modifies provisions of Cultural Arts Incentives Program, New Jersey Aspire Program, and Grow New Jersey Program; eliminates Community-Anchored Development Program.

NJ A4558

Establishes Next New Jersey Program for artificial intelligence investments.

NJ S4023

Revises various provisions of "New Jersey Economic Recovery Act of 2020," including revisions to New Jersey Aspire Program.

NJ A5687

Establishes Next New Jersey Manufacturing Program to incentivize in-State manufacturing investments and job creation.

NJ A5644

Revises various provisions of "New Jersey Economic Recovery Act of 2020," including revisions to New Jersey Aspire Program.

NJ S3432

Establishes Next New Jersey Program for artificial intelligence investments.

NJ A5286

Modifies employee health benefits requirements under certain economic development programs.

NJ A2076

Revises various provisions concerning New Jersey Aspire Program and surrender of tax credits issued under New Jersey Economic Recovery Act of 2020.

Similar Bills

NJ A5378

Modifies provisions of Cultural Arts Incentives Program, New Jersey Aspire Program, and Grow New Jersey Program; eliminates Community-Anchored Development Program.

NJ S4255

Modifies provisions of Cultural Arts Incentives Program, New Jersey Aspire Program, and Grow New Jersey Program; eliminates Community-Anchored Development Program.

NJ A5650

Modifies New Jersey Community-Anchored Development Program.

NJ S4023

Revises various provisions of "New Jersey Economic Recovery Act of 2020," including revisions to New Jersey Aspire Program.

NJ A5644

Revises various provisions of "New Jersey Economic Recovery Act of 2020," including revisions to New Jersey Aspire Program.

NJ S4135

Provides allowance for certain redevelopment projects undertaken by institutions of higher education under New Jersey Aspire program.

NJ A5470

Provides allowance for certain redevelopment projects undertaken by institutions of higher education under New Jersey Aspire program.

NJ A1835

Establishes innovation zone program to stimulate technology industry clusters around New Jersey's research institutions; allows certain technology businesses located in certain innovation zones to receive certain tax credits under Grow New Jersey Assistance Program.