New Jersey § 34:1b-388
Full text of New Jersey New Jersey Statutes § 34:1b-388, with citation guidance and answers to common questions.
§ 34:1b-388.
a. Prior to March 1, 2029, a cultural arts institution seeking a tax credit pursuant
to the program that satisfies the eligibility criteria set forth in section 5 of P.L.2023, c. 197 ( C.34:1B-387 ) shall submit an application to the authority in a form and manner prescribed in
regulations adopted by the authority, in consultation with the New Jersey State Council
on the Arts. The authority shall accept and certify applications for tax credits during the award
rounds established pursuant to section 7 of P.L.2023, c. 197 ( C.34:1B-389 ). b. The authority shall not consider an application for a cultural arts project unless
the cultural arts institution submits, with the application, a letter evidencing support
for the cultural arts project from the chief executive or governing body of the municipality
in which the cultural arts project is located. c. The authority shall review the project costs for a proposed cultural arts project
and evaluate and validate the underlying financial structure proposed by the cultural
arts institution. The authority shall review an independent market study submitted to the authority
by the cultural arts institution showing there is demand for a cultural arts institution
facility at the proposed project site and that it is expected to be successful. The authority may procure third-party consultants to determine a project's likelihood
of success. The authority shall assess the cost of these reviews to the applicant. A cultural arts institution shall pay to the authority the full amount of the direct
costs of an analysis concerning the cultural arts institution's application for tax
credits that a third party retained by the authority performs, if the authority deems
such retention to be necessary. d. If at any time during the eligibility period the authority determines that a cultural
arts institution made a material misrepresentation on the program application, the
cultural arts institution shall forfeit or repay to the authority the value of tax
credits associated with that application.
Frequently Asked Questions About New Jersey § 34:1b-388
What does New Jersey Statutes § 34:1b-388 cover?
Section 34:1b-388 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 34:1b-388?
A common citation format is "New Jersey Statutes § 34:1b-388" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 34:1b-388 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.