Title: Authorizes Tax Credits for Film Production
Title: Authorizes Tax Credits for Film Production
Title: Authorizes Tax Credits for Film Production
Vetoed by Governor Phil Murphy
Title: Authorizes Tax Credits for Film Production
Vote to concur with Assembly amendments and pass a bill that establishes a 5-year tax credit program for film and digital media production expenses incurred in New Jersey.
Authorizes for each fiscal year from 2019 through 2023 no more than $75 million in tax credits for qualified film production expenses and no more than $10 million in tax credits for qualified digital media content production expenses (Sec. 1).
Specifies that if a taxpayer’s total film production expenses exceed $1 million in any given tax year, they qualify for the film production credit so long as the film includes content that promotes New Jersey as a entertainment production destination (Sec. 1).
Specifies that for lower budget film productions, the following conditions are required in order to qualify for the film production credit (Sec. 1):
The film includes, at no cost to the State, marketing materials promoting New Jersey as a film and entertainment production destination; and
At least 60% of the production expenses, exclusive of post-production costs, are incurred for services performed and goods purchased through New Jersey vendors.
Requires the following conditions to be met to qualify for the digital media content production credit (Sec. 1):
At least $2 million in production expenses are incurred for services performed and goods purchased through New Jersey vendors; and
At least 50% of the production expenses are for wages and salaries paid to full-time or full-time equivalent employees residing in New Jersey.
Title: Authorizes Tax Credits for Film Production
Vote to pass with amendment a bill that establishes a 5-year tax credit program for film and digital media production expenses incurred in New Jersey.
Authorizes for each fiscal year from 2019 through 2023 no more than $75 million in tax credits for qualified film production expenses and no more than $10 million in tax credits for qualified digital media content production expenses (Sec. 1).
Specifies that if a taxpayer’s total film production expenses exceed $1 million in any given tax year, they qualify for the film production credit so long as the film includes content that promotes New Jersey as a entertainment production destination (Sec. 1).
Specifies that for lower budget film productions, the following conditions are required in order to qualify for the film production credit (Sec. 1):
The film includes, at no cost to the State, marketing materials promoting New Jersey as a film and entertainment production destination; and
At least 60% of the production expenses, exclusive of post-production costs, are incurred for services performed and goods purchased through New Jersey vendors.
Requires the following conditions to be met to qualify for the digital media content production credit (Sec. 1):
At least $2 million in production expenses are incurred for services performed and goods purchased through New Jersey vendors; and
At least 50% of the production expenses are for wages and salaries paid to full-time or full-time equivalent employees residing in New Jersey.
Title: Authorizes Tax Credits for Film Production
Title: Authorizes Tax Credits for Film Production