NJ S4027

Mandates the Director of the Division of Taxation to purchase unused tax credits awarded under the New Jersey Aspire Program Act and the Cultural Arts Incentives Program Act, whereas purchasing credits from other economic development programs remains discretionary

Sets the purchase price at 85% of the credit amount for both Aspire Program and Cultural Arts Incentives Program credits, higher than the standard 75% maximum for other programs

Requires that tax credit certificates must have been issued at least one year before the holder applies to sell them back to the state

Increases the recapture rate for Aspire Program credits from the standard amount to 50% of excess returns if the developer applies to sell credits after the sixth year of the eligibility period

Amends P.L.2020, c.156 (New Jersey Economic Recovery Act of 2020) and takes effect immediately