New Jersey Governor. Phil Murphy signed into law Thursday a significant expansion of the state’s tax credits for film and TV productions, hoping to pull more major entertainment projects from hubs like California, Georgia and New York.
The New tax credit systemDigital media projects shot in New Jersey will be eligible for a 30% tax credit on all qualifying expenses. This credit may increase to 35% in some southern counties. The credit maximum has been increased from $10million to $30million. The program will allow New Jersey film-lease partner to receive additional tax credits of $100 million, in addition to credits that have been authorized under other incentive programs.
“This legislation will ensure that our state remains a top destination for some of our country’s most significant film and TV productions,” said Gov. Murphy made the statement. “The New Jersey Film & Digital Media Tax Credit Program has brought numerous productions to our state, creating jobs for New Jerseyans, and bringing in money that is being spent with local businesses. We look forward to attracting even more productions to our state with the expanded tax credits and improvements that this legislation provides.”
“New Jersey has already benefited from the film, television, and streaming industry directly supporting more than 20,000 jobs and over $2 billion in wages,”Rivkin spoke.
Charles Rivkin, chairman of the Motion Picture Association, described the program expansion in a positive light. “will create more jobs in the state and investment into the New Jersey economy.”
“New Jersey has already benefited from the film, television, and streaming industry directly supporting more than 20,000 jobs and over $2 billion in wages,”Rivkin spoke.
Among the projects that have recently filmed in New Jersey and received tax credits include Alan Taylor and David Chase’s “Sopranos”prequel “The Many Saints of Newark” and Steven Spielberg’s “West Side Story.”According to the New Jersey Economic Development Authority (NJEDA), film and TV productions have spent $635 Million in New Jersey since 2018, when the tax credit program began.
As competition for top productions intensifies, other major production states like California are expanding their tax credit programs. California’s state legislature passed an increase of $330 million to its tax credit program in order to encourage Hollywood studios keep productions near home.