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

This bill requires the New Jersey state government to purchase unused tax credits from two specific programs: the New Jersey Aspire Program and the Cultural Arts Incentives Program. It mandates the Division of Taxation to buy these unused credits at 85% of their value, provided the tax credit certificate was issued at least one year before the purchase application. This applies to developers or holders who originally received these credits but did not use them. The bill changes prior law, which allowed the state to optionally purchase such credits, by making it mandatory for these two programs.