New Jersey Governor Signs Law Authorizing Tax Credit for Arena Renovations

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The New Jersey Governor signed a law establishing a tax credit program for sports and entertainment facility renovations, authorizing the New Jersey Economic Development Authority to award up to $300 million in tax credits for qualifying projects that meet specific criteria. The law includes: 1) creating incentives for renovating arenas with at least 15,000 seats that have operated for 15+ years in first-class cities with international airports, requiring projects to cost at least $50 million with developers contributing a minimum of 20 percent of the costs; and 2) incorporating these sports and entertainment projects into the state’s existing $14 billion …