Weinberg, Sarlo on Film Tax Credit Extension Signed into Law

Trenton – Legislation sponsored by Senate Majority Leader Loretta Weinberg and Senator Paul Sarlo which will, among other things, extend the availability period for Film & Digital Media Tax Credits, was signed into law by Governor Murphy.

“Films are more than glamor, they are also good paying, unionized jobs for New Jersey workers,” said Senator Weinberg (D-Bergen). “Thousands of these unionized men and women live in our state but are often traveling to different states for projects. With this law we are giving workers more opportunities to work closer to home and earn their income right here in New Jersey.

“Our state has a real opportunity to establish itself as a major hub for the film industry. Since these programs began, we have seen an increasing number of projects come to New Jersey and this law will ensure we don’t lose the gains we have made. This will make sure the industry can continue to grow and expand for years to come.”

This law extends the film tax credit by five years and increases the annual cap on the number of projects that could receive film tax breaks from $75 million to $100 million.

“New Jersey is strategically located between New York and Philadelphia, which makes us a convenient location for films and television, but convenience is nothing if it doesn’t also make financial sense to attract the business,” said Senator Sarlo (D-Bergen/Passiac). “By extending these programs and making it more affordable to film in our state, we can solidify New Jersey as a go to destination for film projects. This is about the direct and indirect economic benefits we can capitalize on.”

The New Jersey Film & Digital Media Tax Credit Program provides a credit against the corporation business tax and the gross income tax for certain expenses incurred for the production of certain films and digital media content in New Jersey.  The goal of the program is to incentivize production companies to film and create digital media content in New Jersey.