Modifies provisions of Cultural Arts Incentives Program, New Jersey Aspire Program, and Grow New Jersey Program; eliminates Community-Anchored Development Program.*

The definition of 'cultural arts institution' was broadened: it no longer requires a 'primary mission and specific policy goal' but instead only requires a 'mission, or experience in, cultural, educational, or artistic enrichment.' This makes it easier for entities to qualify.

A new category of eligible cultural arts institution was added: any nonprofit that operates a museum or memorial honoring New Jersey veterans of foreign military conflicts.

The National Park Service was removed from the direct definition of 'cultural arts institution' and instead is now referenced in the facility definition and as an operator exception, while developer partnerships with the NPS are no longer treated as equivalent to the institution itself for operation and ownership requirements.

Instead of simply repealing sections 43 through 53 (the Community-Anchored Development Act), the bill now amends section 55 of P.L.2020, c.156 to add a comprehensive set of definitions (including terms like 'aviation district,' 'commercial project,' 'collaborative workspace,' 'distressed municipality,' etc.) into the Aspire Program section, effectively absorbing the CAD program's definitional framework before its elimination.

The synopsis was updated to reflect that the bill now modifies the New Jersey Aspire Program and Grow New Jersey Program in addition to the Cultural Arts Incentives Program.

'War memorial or museum' was added to the list of qualifying cultural arts institution facility types.

The prohibition on counting construction costs incurred before the application date was removed from the project cost definition, and a new provision was added allowing pre-application construction costs to count toward the $5 million minimum capital investment threshold.

The Work First New Jersey community partnership requirement was restructured: institutions can now either provide support during the eligibility period OR have already provided such support on or after December 21, 2023. A new exception was added for facilities operated by the National Park Service.

'Necessary repairs' was removed from the list of construction activities that do not count as having commenced construction, meaning repair work now may trigger the requirement that construction has not already begun.

A new funding allocation (subparagraph l) was added: beginning in fiscal year 2026, up to $500 million per year from the Aspire/Emerge program pool shall be made available for cultural arts institutions under the Cultural Arts Incentives Program Act.

The uncommitted portion of the annual limitation for the Aspire/Emerge programs can now also be deployed for cultural arts institutions, in addition to offshore wind and Next New Jersey projects.