NJ A5378

Expands the Cultural Arts Incentives Program to include developers partnering with the National Park Service, veterans' war memorials and museums, and national historical parks as eligible cultural arts institutions and facilities

Increases the total tax credit cap for the Cultural Arts Incentives Program from an unspecified amount to $1.2 billion over a nine-year period, with projects eligible for up to $75 million each and up to 100% of eligible project costs

Modifies the New Jersey Aspire Program to classify health care projects as "transformative projects" of special economic importance when associated with university medical centers, National Cancer Institute Comprehensive Cancer Centers, academic medical research center expansions in distressed municipalities, or State-designated trauma centers

Eliminates the Community-Anchored Development Program (sections 43-53 of P.L.2020, c.156), which had provided economic development incentives for community-based projects

Reallocates up to $500 million from the New Jersey Aspire and Emerge programs to the Cultural Arts Incentives Program and adjusts the overall $11.5 billion economic development tax credit cap to accommodate expanded programs including the Next New Jersey Manufacturing Program