ANNOUNCEMENT 03 Jul 2018
The state will provide up to $85 million in annual incentives for films, television, and digital media.
NUMBER OF INTERVENTIONS
On July 3, 2018 the governor of New Jersey signed into law a bill (S.122) restoring the state’s tax incentive program, which had been halted under the previous government. The program allocates up to $85 million in credits annually for five years. The incentive take the form of tax credits that range from 30-37% of expenditures according to production location and diversity, with the higher incentives intended to ensure the benefits of production spending are not solely concentrated in the vicinity of New York City. Digital media content can qualify for an incentive of 20% or 25%, drawing from a separate $10 million annual fund, and $75 million is reserved each year for film and television projects.
This was followed in 2020 by enactment of another bill to expand the program to $100 million a year, and extended the program so that it would expire not on July 1, 2023 but instead July 1, 2028.