Like its predecessor, the new program awards tradeable tax creditsin the amount of 3035% of qualified expensesto eligible film, tv and digital media companies. Apr 21, 2018 while some shows still film short scenes in new jersey that theyd have difficulty with in new york, the signing of the new tax credits will open the state up to even more, gorelick said. Mar 21, 2019 the new jersey film tax credit was reinstated by gov. Oct 17, 2019 new jersey tax incentive task force schedule of fourth public hearing trenton war memorial, trenton trenton, n. Kpm film is cpa firm who serve as trusted advisors to state tax offices and film bureaus, attorneys, producers and studio finance departments on the subject of film tax credits across the u. According to new jersey s motion picture and television commission associate director, david w. Phil murphy said the projects will mean millions in jobs and goods and services in the state. Jul 03, 2018 the news from new jersey comes a week after california gov. New jersey business assistance includes grow nj tax incentives, tech company tax incentives, incubators, small business and garden state growth zones. To claim this credit, the taxpayer must complete form 320 the grow new jersey assistance tax credit is available to businesses creating or retaining jobs in new jersey and making a qualified capital investment at a. Mpaa cheers passage of new jersey film and tv tax credits. In the absence of an incentive program that levels the playing field, these hardworking new jerseyans will be forced to work in our neighboring states, all of which offer robust programs, or. Tax incentives supported locally produced projects like oceans eleven filmed in atlantic city and ncis bayonne, said steven gorelick, executive director of the new jersey film committee.
The new jersey smartstart building program provides. New jersey once again offering film tax credits politico. New jersey contains 21 counties and 566 municipalities. The program, run by the new jersey economic development authority, aims to rejuvenate new jersey s film industry by providing a 30 percent tax credit against corporate business tax and gross income tax for qualified film production expenses and a 35 percent credit for goods and services purchased through vendors located in targeted areas of the state. The first credit exempts some purchases from new jersey sales tax. The development of movie production incentives stems from the perceived economic benefits of filmmaking and television production in the us. Local film experts and filmmakers say a bill that would restore tax credits for the film industry would attract films and tv shows back to the state. Governor phil murphy has revived the film tax credit in new jersey, signing senate bill no. New jersey to offer millions in tax credits to draw in tv.
But the new jersey legislation may have more impact on that states east coast neighbors. For more on perks that save you time and moneysuch as emissions test exemptions for electric cars and dieselpowered vehicles, state and federal tax incentives, high occupancy vehicle hov lane access for hybrid electric vehicles, fuelefficient auto insurance. Film production tax credit new mexico taxation and. The garden state would like to begin offering tax incentives for film and tv production. New jersey film tax incentives are highlighted at 2019. Apr 30, 2018 new jersey wants to pull a page out of new yorks script. There are no caps for potential benefit for this credit. Each city and town has its own unique regulations pertaining. Jun 27, 2019 from joker to sopranos prequel, heres why filmmaking is booming in new jersey. Senate bill 122, the garden state film and digital media jobs act, would restore taxcredit incentives for new jersey based productions. New jerseys tax incentives soar as job growth lags behind. New jersey has modified and expanded the film and digital media income tax credit program by extending the program for an additional five years, until 1 july, 2028, and adding usd 25 million to the annual cap on qualified film production expenses, bringing it to usd 100 million per year press release, governor phil murphy, 21 january, 2020, ch.
The second credit is administered by the new jersey economic development authority njeda and can help you recoup some of your production costs. Atlantic city, one of the 8 southern counties in new jersey to receive a 35% tax incentive continues to increase your odds with an additional 5% tax incentive through the atlantic city film commission and if you meet new jersey s diversity requirements you can receive another 2% tax incentive. In 2005 a new jersey production incentive was created to boost film and tv production. Murphy on tuesday approved a bill ramping up the size of new jerseys film and television tax credit program, an increasingly popular incentive the state has used to lure media productions. Standing in the halfbuilt atrium of atlantic citys revel casino in february 2011, new jersey gov. Film office, new york state state the film production tax credit is a 30% tax credit on qualified costs incurred in new york state for eligible productions. New jersey approves new solar incentive program to replace srecs. New jersey comes roaring back to the incentives field this year with one of the most competitive programs on the eastern seaboard which is saying a lot, what with heavy hitters like georgia, new york and massachusetts in the mix. New jersey s previous film tax incentive program was cut by then gov. Additional filmmaker incentives can be obtained through filming in south jersey. In order to qualify for the new incentive, a production company must spend 60% of their total budget in new jersey not including postproduction costs or a. All programs the new jersey economic development authority njeda is an independent, selfsupporting state entity that offers a broad range of financing programs, real estate development tools and technical support to stimulate business development, job creation and community revitalization in new jersey. Joker, the sopranos come to nj thanks to film tax credits.
Cdfi loan to lender program through the cdfi loan to lender program, njeda provides financing to qualified community development financial institutions cdfis, for the purposes of administering term loans or lines of credit to qualified microenterprises and small businesses, some of which may not be able to secure traditional bank financing. New jersey encourages residents to adopt environmentally cleaner driving habits by offering a number of green driver incentives. End credits must include filmed in new jersey statement or logo. Jan 22, 2019 blog applications open for new jersey incentives program. The hmo assistance fund tax credit is available to health maintenance organizations that paid assessments to the new jersey health maintenance organization assistance. May 06, 2018 its been more than eight years since former gov. Dec 09, 2019 the new jersey board of public utilities njbpu last week approved a new solar incentive program to aid in the transition from the current solar renewable energy certificate srec program. Murphy approves expansion to njs film, tv incentive. Film production tax credit nm taxation and revenue department. New jersey offers two tax credits specific to the film and television industry. Outside of the hollywood lobbyists who are pushing for the film tax incentives, we have no evidence that they have helped to boost the new jersey economy, said pennacchio r26.
New jersey revives film tax credit tax credits international. New jersey film incentive kpm film incentive group. New jersey also provides unique incentives in the form of certain loan guarantees. That was the theme of a panel eager to off tax credits to the industry. Nov 15, 2019 new jerseys increasingly popular film tax break program would be extended for five more years, and increased by millions more in available incentives. Sep 15, 2017 its time for new jersey to reclaim the hundreds of millions of dollars in tv and film production. Mpaa chairman and ceo charles rivkin praised new jersey s passage last month of aggressive new film and tv production incentives, saying the new rules have unlocked interest from a range of. New jersey film tax incentives are highlighted at 2019 garden. New jersey wants to pull a page out of new yorks script. Jun 07, 2018 tax incentives could bring more location shoot production to new jersey, but tom hall of montclair film festival suggests investment into more studio space. Television and film industry information new jersey. Lawmakers move bill to expand states film tax credit program. Blog applications open for new jersey incentives program.
Major film production locations typically include hollywood and new york city, and the major leading roles have typically been played by white, male actors. From joker to sopranos prequel, heres why filmmaking is booming in new jersey. Jul 03, 2018 mpaa chairman and ceo charles rivkin praised new jerseys passage last month of aggressive new film and tv production incentives, saying the new rules have unlocked interest from a range of m. In the absence of an incentive program that levels the playing field, these hardworking new jerseyans will be forced to work in our neighboring states, all. Loan guarantees cannot exceed 30 percent of the bank.
In addition to helping production companies optimize and monetize state tax incentive programs, we provide a variety of advisory, audit and tax services for. New jersey approves new solar incentive program to replace. Global investment and innovation incentives updates. But patrick okeefe, a new jersey resident and the director of economic research at the accounting firm cohnreznick, says tax incentives have little, if any, effect on most relocation decisions. New jersey film incentive kpm film credit advisors. Applications open for new jersey incentives program. In need of studio space montclair film festival director tom hall said tax incentives would go a long way in drawing production business, fostering local artists and drawing tourism to new. 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. Sony supports new jersey film incentives, says new york is.
Nj department of state financial incentives new jersey. In addition to helping production companies optimize and monetize state tax incentive programs, we provide a variety of advisory, audit and tax services. Design support for large development projects buildings over 50,000 square feet technical assistance for smaller projects buildings under 50,000 square feet financial incentives for the purchase and installation of energy efficient equipment. Nj tax incentives for film production highlighted at. The new jersey board of public utilities njbpu last week approved a new solar incentive program to aid in the transition from the current solar renewable energy certificate srec program. The new jersey film production assistance program allows. Film tax credit already luring moviemakers back to new jersey. Corporation business tax credits and incentives new jersey. The new jersey film tax credit was reinstated by gov. In 2005 a new jersey production incentive was created to boost film and tv production throughout the state.
The garden state film and digital media jobs act would have replenished the existing fund, and increased the annual program cap for the. Film production companies can apply for a 30 percent tax credit on their expenses in new jersey. The news from new jersey comes a week after california gov. New jersey governor vows to restore garden states production. New mexico offers a film production tax credit for film production companies that have direct production and direct postproduction expenditures that are subject to taxation by the state of new mexico. Movie production incentives in the united states wikipedia. But in 2010, christie suspended the incentive due to his dislike. Nj builds on film tax credits with diversity incentive. The program gave a 20% tax credit, but in 2010 christie suspended the incentive due to. Film tax incentives could drive up production here. Once those incentives expired, such work went to neighboring states with tax credits.
The transition incentive will serve as a bridge between the legacy srec program and a yettobe determined successor incentive program and will consist of. Tax incentives bergen county businesses are eligible for a range of tax incentives. New jersey resumes tax breaks for film companies wsj. After a three year hiatus, new jersey s film and television production tax credit is now in effect for the fiscal year of 2019. Big sky on the big screen act state tax incentives for the. Tax incentives are bringing the movie and television industries back to new jersey. Murphy approves expansion to njs film, tv incentive program. New jersey will again offer tax credits to production companies that film movies and television shows in the state under a new law signed tuesday by gov. Chris christie suspended the states film tax program. New jersey offers a variety of tax credit programs to support job creation, retention and capital investment, technology, life science and manufacturing. To claim this credit, the taxpayer must complete form 310 and attach it to the tax return.