“This legislation will ensure our state remains a premier destination for some of our country’s most important film and television productions,” said Governor Murphy. “The New Jersey Film and Digital Media Tax Credit program has brought many productions to our state, creating jobs for New Jerseyans and bringing in money that is spent with local businesses. We look forward to attracting even more productions to our state through the expanded tax credits and improvements brought about by this legislation. »
“New Jersey offers significant advantages to productions looking for a large and diverse talent pool on and off camera and an array of authentic locations for all kinds of productions,” said New Jersey Economic Development Authority chief executive Tim Sullivan. “Governor Murphy and the Legislature clearly recognize the opportunity that the growth of the motion picture and digital media sector represents for the state and their action today to expand the motion picture and digital media tax credit will help the state New Jersey to continue to compete for high profile productions and the influx of economic activity they bring.
“The latest legislation further enhances a program that has been extremely successful in attracting film and television production, as well as production infrastructure,” noted executive director of the NJ Motion Picture and TV Commission Steven Gorelick. “Based on the many inquiries we are currently receiving, it looks like 2022 will be another very successful year for New Jersey’s film and television industry.”
The main sponsors of this legislation are Senators Paul Sarlo and Gordon Johnson, as well as Assembly Members William Spearman, Raj Mukherji and Paul Moriarty. Former Senate Majority Leader Loretta Weinberg was also a key sponsor of this legislation.
“Due to ever-changing technologies, the film and television industry is one of the fastest growing industries in the world. This expansion of the Media Content Tax Credit will allow us to keep up with all of these trends and keep New Jersey competitive with other states involved in the sound, editing and production business,” said former Senate Majority Leader Loretta Weinberg. “These production companies and other media companies provide good jobs for skilled labor, a market that has long been the backbone of New Jersey’s economy.
“New Jersey is strategically located between New York and Philadelphia, which makes us an ideal location for film and digital media, but convenience is nothing if it doesn’t also make financial sense to attract audiences. commercial activity”, said Senator Paul Sarlo. “By increasing appropriations for these programs and improving the financial incentive to support the film industry and digital media in our state, we can solidify New Jersey as a destination of choice for these projects. We want to capitalize on the direct and indirect economic benefits of an expanding industry.
“Digital media projects are just as important to the entertainment industry and economy as film projects, and deserve the same opportunities for growth and prosperity in our state,” said Senator Gordon Johnson, who sponsored this bill as a member of the Assembly. “This law will give New Jersey an even greater competitive advantage by further establishing our state as an attractive destination for creative endeavors of all kinds.”
“As our state continues to recover from the challenges of the COVID-19 pandemic, we must make it a priority to attract more businesses to New Jersey on behalf of our residents,” said MP William Spearman. “Expanding this essential program to bring in additional film and digital media projects will create new jobs, generate more revenue for local businesses and ultimately reinvigorate our economy.”
“Film and digital productions are going to be an important component of our state’s economy for years to come, as our tax credit program encourages the growth of the industry in New Jersey,” MP Raj Mukherji said. “Countless residents with the talent and skills to work on these creative productions will now have more opportunities to do so.”
“This law builds on a valuable program that helps create jobs and promote businesses across our state,” said MP Paul Moriarty. “I look forward to the continued expansion of this industry in New Jersey and the benefits our residents will see as a result of these changes.”
Under the legislation, the amount of the digital media content production portion of the tax credit program would be increased while maintaining the overall cap on tax credits established in the Economic Recovery Act 2020. Specifically, the bill increases the tax credit for the production of digital media content. 35% of qualifying digital media content production expenditures purchased from suppliers located in Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester, Mercer or Salem counties, or 30% all other qualifying digital media content production expenses purchased in the State. In addition, the bill increases the cumulative annual limit for tax credits for the production of digital media content from $10 million to $30 million. The bill changes the treatment of excess credit claims in a fiscal year and allows for reassignment between the categories of New Jersey studio partners, New Jersey movie rental partners, or non-partner taxpayers. New Jersey studio and New Jersey movie rental partners. Beginning in fiscal year 2025, the bill also authorizes an additional $100 million in tax credits for New Jersey movie rental partners from tax credits authorized under other tax credit programs. incentive.