Vetoed by Governor Phil Murphy

Vote Smart's Synopsis:

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.

Highlights:

• 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.

Full Bill Text

Vote Smart's Synopsis:

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.

Highlights:

• 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.

Full Bill Text