NJEDA board approves expanded production tax credit program

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With a goal of attracting more film and digital media productions to the Garden State, the New Jersey Economic Development Authority board approved amendments to the New Jersey Film and Digital Media Tax Credit Program rules on June 8.

The program was established in 2018 by Gov. Phil Murphy and later expanded as part of the New Jersey Economic Recovery Act of 2020. Since its creation, over 68 productions have been approved for tax credits based on expenditures of $766 million in the state’s economy.

Some of the productions that the tax incentives helped attract to New Jersey include “Joker,” “West Side Story,” “The Many Saints of Newark,” and “The Equalizer.”

“New Jersey has positioned itself as a compelling destination for the film and digital media industry under Gov. Murphy’s leadership as we continue to attract big-studio productions to our state,” said NJEDA CEO Tim Sullivan. “Our diversity of location means you can film mountains, cities, beaches and farms all in the same day, while our best-in-class tax incentive program and unmatched talent pool make New Jersey among the most cost-effective places in the nation to shoot a film. That’s a powerful combination and the film industry has begun to take notice.”

The proposed rules approved by the board Wednesday include an increase in the amount of tax credits available annually, specific allocations of tax credits for long-term commitments from larger studio development projects, an expansion of the program’s diversity bonus, and an extension of the timeline of the program to 2034.

“The New Jersey Film and Digital Media Tax Credit program is paving the way for our state to reinforce its legacy as a premier destination for leading film and television productions,” said New Jersey Secretary of State Tahesha Way. “Under Gov. Murphy’s leadership, this program has brought many productions to our state, creating job opportunities for people from diverse backgrounds, and injecting millions of dollars into local businesses. This translates into long-term economic benefits and improved quality-of-life for these communities and their residents.”

The board-approved proposed rules will be published for public comment after which the body will consider final adoption of the rules.

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