NJ S4255

Eliminates the New Jersey Community-Anchored Development Program (sections 43-53 of P.L.2020, c.156) and removes all references to it throughout state economic development law

Modifies the Cultural Arts Incentives Program to shift from a competitive application process with award rounds to a rolling review process, while maintaining a minimum score requirement for tax credit eligibility

Expands the definition of "cultural arts institution" to include nonprofits operating veterans' museums or memorials, developers partnering with the National Park Service, and projects at national historical parks

Allows the Director of Taxation to purchase Cultural Arts Incentives Program and New Jersey Aspire Program tax credits at 85% of face value (versus the standard 75%) if held for at least one year, and permits up to $500 million in unused Aspire/Emerge Program tax credits to be redirected to the Cultural Arts Incentives Program beginning fiscal year 2026

Expands eligibility under the New Jersey Aspire Program for health care projects located on former federal land or qualifying as transformative projects associated with academic medical centers, cancer research facilities, or State-designated trauma centers