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New JerseyA5170220th Legislature (2024-2025)HouseWALLET

Requires State to purchase certain unused tax credits issued under New Jersey Economic Recovery Act of 2020.

Sponsored By: Nilsa I. Cruz-Perez (Democratic), Eliana Pintor Marin (Democratic), Pou, Nellie, Shanique Speight (Democratic)

Signed by Governor

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 0 benefits, 0 costs, 3 mixed.

Cash for unused cultural arts credits

Effective July 22, 2025, New Jersey must buy eligible unused Cultural Arts Incentives Program credits for 85 cents per dollar. Eligible developers and certificate holders can receive cash instead of keeping unused credits. Tax credit or transfer certificates must have been issued at least one year before the purchase application.

Developers get cash for unused Aspire credits

Effective July 22, 2025, New Jersey must buy eligible unused Aspire program credits for 85 cents per dollar. Tax credit or transfer certificates must have been issued at least one year before the purchase application. For applications after the sixth eligibility year, the developer's required payment rises to 50% of returns above a reasonable and appropriate investment return.

Film credit cash payments face limits

Effective July 22, 2025, New Jersey must buy qualifying unused film and digital media credits for 95 cents per dollar. The original program application must have been approved on or after January 1, 2026. The taxpayer must be a New Jersey studio partner or hold a certificate originally issued to one. Tax credit or transfer certificates must have been issued at least one year before the purchase application. State fiscal-year purchase caps are $80 million in 2026, $160 million in 2027, and $240 million in 2028. The cap is $200 million each year after that. Purchases above a year's cap move to the next fiscal year, subject to that year's cap. Payments require full funding for the constitutional requirement to maintain a thorough and efficient system of free public schools. The State must also make all legally required contributions to State-administered retirement systems for that fiscal year. The annual budget must maintain a surplus of at least 12% of combined General Fund and Property Tax Relief Fund appropriations.

Sponsors & Cosponsors

Sponsors

  • Nilsa I. Cruz-Perez

    Democratic • Senate

  • Eliana Pintor Marin

    Democratic • House

  • Pou, Nellie

    Affiliation unavailable

  • Shanique Speight

    Democratic • House

Cosponsors

  • Benjie E. Wimberly

    Democratic • Senate

Roll Call Votes

All Roll Calls

Yes: 84 • No: 30

Senate vote • 6/30/2025

3RDG FINAL PASSAGE

Yes: 24 • No: 14

House vote • 5/22/2025

3RDG FINAL PASSAGE

Yes: 60 • No: 16 • Other: 2

Actions Timeline

  1. Approved by Governor — P.L.2025, c.113.

    7/22/2025Governor

  2. Passed Senate, PBH — (24-14)

    6/30/2025Senate

  3. Substituted for S4027 (1R)

    6/30/2025Senate

  4. Received in Senate, SWR, 2nd Reading in Senate

    5/29/2025Senate

  5. Passed Assembly — (60-16-2)

    5/22/2025House

  6. REP/ACA, 2nd Reading in Assembly

    5/15/2025House

  7. Introduced, 1st Reading in Assembly, Referred to Assembly Appropriations Committee

    12/19/2024House

Bill Text

  • Corrected Copy

    10/1/2025

    HTMLPDF

  • Version AL2025

    8/25/2025

    HTMLPDF

  • Assembly Appropriations (5/15/25 1R)

    7/1/2025

    HTMLPDF

  • 6/3/25; 1R

    6/3/2025

    HTMLPDF

  • Assembly Appropriations Substitute (5/15/25)

    5/16/2025

    HTMLPDF

  • 2/11/25; as introduced

    2/11/2025

    HTMLPDF

  • As Introduced

    1/15/2025

    HTMLPDF

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