Murphy signs bill to expand NJ tax credits unlocks cultural funding and scraps $1.2B community program

Trenton, NJ – A sweeping overhaul of New Jersey’s Cultural Arts Incentives Program and Aspire Programhas been passed by Governor Phil Murphy after the Senate Budget and Appropriations Committee advanced a bill that dramatically expands access to state tax credits for museums, memorials, and healthcare redevelopment projects—while simultaneously scrapping a $1.2 billion community development program before it even launched.

Assembly Bill 5378, with a wide range of committee amendments, gives new life to New Jersey’s efforts to stimulate economic growth through cultural investment. The bill broadens the types of entities eligible for the Cultural Arts Incentives Program, allows rolling applications for credits, and retools key restrictions that previously limited participation.

One of the