Section 34:1B-391 - Cultural arts institution, approved cultural arts project, tax credit, awardeda. Up to the limits established in paragraph (1) of subsection b. of section 4 of P.L. 2023, c. 197 (C.34:1B-386), and in accordance with a tax credit agreement, beginning upon the receipt of occupancy permits for any portion of the cultural arts project, or upon any other event evidencing project completion as set forth in the tax credit agreement, a cultural arts institution of such approved cultural arts project shall be awarded a tax credit. No more than the amount of tax credits equal to the total credit amount awarded under the program divided by the duration of the eligibility period in years may be taken in any tax period.b. A cultural arts institution that is awarded a tax credit under P.L. 2023, c. 197 (C.34:1B-383 et al.) shall, commencing in the year in which the tax credit is awarded, and each year thereafter for the remainder of the eligibility period, submit a report indicating whether the cultural arts institution is aware of any condition, event, or act that would cause the cultural arts institution not to be in compliance with the tax credit agreement, the representations made to the authority during the competitive award rounds conducted pursuant to section 7 of P.L. 2023, c. 197 (C.34:1B-389), or the provisions of P.L. 2023, c. 197 (C.34:1B-383 et al.) and any additional reporting requirements contained in the tax credit agreement or tax credit certificate. The cultural arts institution or an authorized agent of the cultural arts institution shall certify under the penalty of perjury that the information provided pursuant to this subsection is true.c.(1) Upon receipt and review of each report submitted during the eligibility period, the authority shall provide to the cultural arts institution and the Director of the Division of Taxation in the Department of the Treasury a certificate of compliance indicating the amount of tax credits awarded to the cultural arts institution, that the cultural arts institution may: (a) offer for sale through the provision of a tax credit transfer certificate pursuant to section 10 of P.L. 2023, c. 197 (C.34:1B-392); or(b) use as collateral or to secure any financial instrument approved by the authority to provide financing for the cultural arts project, if that use is in accordance with rules and regulations adopted by the authority to govern the use of program tax credits.(2) Upon receipt by the director of the certificate of compliance, the director shall coordinate with the cultural arts institution and the authority to provide the cultural arts institution with a tax credit transfer certificate, as described in section 10 of P.L. 2023, c. 197 (C.34:1B-392), or a tax credit certificate for the value awarded by the authority for that year that the cultural arts institution may use as provided in paragraph (1) of this subsection and in accordance with the rules adopted pursuant to subparagraph (b) of paragraph (1) of this subsection.Added by L. 2023, c. 197, s. 9, eff. 12/21/2023.