Provides gross income tax credit for A-list performing artists for income derived from certain live performances contracted for and rendered within the Atlantic City Tourism District on a recurring basis and within the State.
Impact
The bill targets performers identified through an annual review by the New Jersey Secretary of State, and it stipulates that qualifying artists must perform on at least four occasions within a taxable year in the designated district. This implies a significant change in how gross income tax is calculated for these performers, as the resultant tax credits will be applied against their income tax liability derived from these performances. The intended outcome is a stimulation of the local economy through increased entertainment options that would draw tourists and bolster the hospitality industry in Atlantic City.
Summary
Assembly Bill A344 introduces a gross income tax credit aimed at A-list performing artists who generate income from certain live performances contracted for and rendered within the Atlantic City Tourism District as well as other locations in New Jersey. The bill seeks to foster entertainment and tourism in the region by effectively offering a 100% state income tax exemption for top-ranked national performers who commit to performing in Atlantic City periodically. This initiative is designed to attract additional tourists, thereby generating growth in visitor numbers and revenue for the local economy.
Contention
However, potential points of contention include the selection criteria for A-list performers, the administrative management of the tax credit program, and concerns about how this measure may affect local artists who may not meet the criteria set forth in the bill. While some may argue that focusing tax incentives on high-profile entertainers could overshadow support for local performers, proponents believe that attracting big names will ultimately benefit the entire entertainment ecosystem in New Jersey. Additionally, the bill requires prior written authorization from the Division of Taxation for artists to claim the credit, which could raise procedural complexities for those looking to benefit from this initiative.
Same As
Provides gross income tax credit for A-list performing artists for income derived from certain live performances contracted for and rendered within the Atlantic City Tourism District on a recurring basis and within the State.
Carry Over
Provides gross income tax credit for A-list performing artists for income derived from certain live performances contracted for and rendered within the Atlantic City Tourism District on a recurring basis and within the State.
Provides gross income tax credit for A-list performing artists for income derived from certain live performances contracted for and rendered within the Atlantic City Tourism District on a recurring basis and within the State.
Provides gross income tax credit for A-list performing artists for income derived from certain live performances contracted for and rendered within the Atlantic City Tourism District on a recurring basis and within the State.
Provides gross income tax credit for A-list performing artists for income derived from certain live performances contracted for and rendered within the Atlantic City Tourism District on a recurring basis and within the State.
Provides gross income tax credit for A-list performing artists for income derived from certain live performances contracted for and rendered within the Atlantic City Tourism District on a recurring basis and within the State.
Establishes New Jersey Homebuyer Tax Credit Program under gross income tax for certain home purchases during qualified periods by first-time homebuyers.