New Jersey to boost tax credits

New Jersey governor Phil Murphy has signed legislation to expand the state's digital media production tax credits for digital media production in an effort to attract more international projects and business.

Murphy launched the New Jersey Film & Digital Media Tax Credit Program in 2018 for film and TV, which was expanded in 2020, and has attracted high-profile projects to the state, including, The Many Saints of Newark, West Side Story, The Equalizer, The Trial of the Chicago 7, The Greatest Beer Run Ever, and Searchlight Pictures' Eileen.

Under the new legislation, the digital media content production portion of the tax credit program will be increased, while maintaining the overall cap on tax credits established in 2020.

The bill will also increase the digital media content production tax credit to 30% of qualified spending in state and 35% in specific  counties - Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester, Mercer, or Salem Counties. 

In addition, the bill increases the cumulative annual limitation on digital media content production tax credits from $10m to $30m. 

“This legislation will ensure that our state remains a top destination for some of our country’s most significant film and TV productions,” said Murphy. “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.

Executive director of the NJ Motion Picture and TV Commission, Steven Gorelick, added: "The latest legislation further enhances a program that has been extremely effective in attracting motion picture and television production, and production infrastructure,"

"Based on the numerous amount of inquiries we are now receiving, it appears that 2022 will another very successful year for New Jersey's film and television industry."