Bill Would Revive Tax Credit Program
TRENTON – The Senate today adopted Governor Murphy’s recommendations to a previously Senate-approved bill sponsored by Senate Majority Leader Loretta Weinberg and Senate Budget and Appropriations Chair Paul Sarlo that would expand and update the tax credit program for the film industry.
Offering incentives to movie makers, TV producers and digital media companies to locate in New Jersey, the “Garden State Film and Digital Media Jobs Act” would revive the tax credit program to provide cumulative total tax credits of $75 million for film productions and $10 million for digital media content. With the legislation, the program will run until 2023 when it will be up for renewal.
“We want movies and TV shows to be filmed and produced in New Jersey,” said Senator Weinberg (D-Bergen). “That has been our goal for eight years. The governor’s recommendations advance our shared goals of supporting and promoting the film industry. There is a lot of competition among states to attract filmmakers and industry executives say that tax incentives are often the deciding factor.”
In 2010, Governor Chris Christie suspended the existing incentive program, which had caps of $10 million for motion pictures and $2 million for digital media. No tax credits have been awarded since, leaving New Jersey at a competitive disadvantage.
“I support the revisions recommended by the governor because they will advance our objective of reinvigorating the film and digital media industries,” said Senator Sarlo (D-Bergen/Passaic). “There is a natural synergy between digital technology and the film industry. We want to position New Jersey at the forefront of new developments, new technologies and future opportunities.”
Governor Murphy conditionally vetoed the bill, S-122, on May 30. The Senate adopted his recommendations by a vote of 30-6.