Gov. Murphy on Tuesday approved a bill ramping up the size of New Jersey’s film and television tax credit program, an increasingly popular incentive the state has used to lure media productions for the past year and a half.
Assembly Bill 5580 increases the annual cap on incentives for film and television productions from $75 million a year to $100 million a year, and extends the program so that it expires in 2028. The digital media tax breaks will remain capped at $10 million a year, under the bill.
“New Jersey has a rich history of film production and has been the backdrop for a host of iconic productions,” Murphy said in a Tuesday afternoon bill-signing statement.
Murphy pushed for an expansion of the program after the New Jersey Economic Development Authority, which oversees the program, revealed that demand for tax credits outstripped supply, with more production companies applying than there were dollars available.
“Expanding our popular film and digital media tax credit program will ensure that studios will continue to seek out New Jersey as a filming location, bringing skilled jobs and economic activity with them,” the governor added Tuesday.
The EDA will be allowed to carry over up to $50 million of unused tax credits from the previous year into the new year.