NJ S5031

Creates tax credits for renovating sports and entertainment arenas with at least 15,000-seat capacity that have operated for 15+ years in first-class cities with international airports, with project costs of at least $50 million required.

Tax credits capped at the lesser of 80% of eligible project costs or $300 million per project, with projects allowed to be completed in up to five phases over 10 years, each phase capped at $95 million in credits.

Requires developers to contribute at least 20% of project costs as capital and demonstrate that gross economic benefits to the State equal at least 150% of public assistance provided over the commitment period.

Mandates prevailing wage rates for all construction and building services workers, community benefits agreements with public hearings, workforce development agreements, and enhanced environmental standards for energy and emissions reductions.

Increases the overall nine-year tax credit cap for New Jersey economic development programs from $11.5 billion to $14 billion, with applications for sports and entertainment projects accepted through June 30, 2027.