Governor Murphy Signs Legislation Strengthening the New Jersey Film and Digital Media Tax Credit Program

nj.gov

The legislation increases the amount of tax credits that may be awarded to a New Jersey studio partner from 35 percent to 40 percent of the taxpayer’s qualified expenses that are incurred within a 30-mile radius of Columbus Circle in New York. It also doubles the diversity bonus credit from two percent to four percent of qualified expenses and eases the process for eligible applicants to receive the credit. Certain film productions will now also be eligible for an additional tax credit of four percent of qualified production expenses for promoting and investing in New Jersey’s film industry.