The New Jersey Senate passed NJ S122 (Senate Bill 122) on April 12, 2018, which would restore the film tax credit program in the state. Under the proposed program, qualified productions would receive a tax credit in an amount equal to 30% of qualified expenditures provided that at least 60% of the total film production costs are incurred within the state. Gov. Chris Christie suspended the film tax credit incentive program in 2010, which had a $10 million cap for movies and $2 million for digital media. The new bill, now approved in both the Senate and Assembly, will provide for $75 million in tax credits for films and $10 million for digital media. The program—if passed, will take effect on July 1, 2018, and is currently on the way to the desk of the governor for his approval.
The influx of productions will create jobs and boost state and local economies. With the new bill in place, New Jersey will once be able to offer competitive pricing and services to production companies – which were previously reluctant to shoot in the state due to the lack of strong tax credit incentives. Production companies will use local hotels, housing, catering and police and services during filming, which would undoubtedly bring a newfound source of revenue for the state.
With all of that in mind, stay tuned for more and keep us in mind for your next shoot!
To check on the status of the bill, click here.
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