NJ A6306

Creates up to $300 million in tax credits for sports and entertainment projects involving renovation of arenas with 15,000+ seat capacity that have operated for at least 15 years in first-class cities with international airports

Developers may receive tax credits equal to 80% of eligible project costs or $300 million maximum, with projects allowed to be completed in up to five phases over 10 years and requiring at least 20% developer capital contribution per phase

Increases the overall tax credit cap for New Jersey economic development programs from $11.5 billion to $14 billion over nine years, adding $1.25 billion annually in years seven and eight for the Aspire and Emerge Programs

Requires developers to enter community benefits agreements with mandatory public hearings and community advisory committee oversight, plus workforce development agreements for hiring, training, and apprenticeship opportunities

Mandates prevailing wage for all construction and building services workers throughout the commitment period, along with enhanced green building standards requiring material reductions in energy usage and greenhouse gas emissions