NEW JERSEY – Four film and television productions have been approved for tax credits through New Jersey Film and Digital Media Tax Credit Program.
Governor Phil Murphy made the announcement on Wednesday, June 12th that the New Jersey Economic Development Authority (NJEDA) had made its final decisions on what projects would be approved for the tax credits.
One project is a biopic about Kathy DiFiore’s story of overcoming domestic violence and homelessness to establish a shelter for women and pregnant teens, another is about star-crossed lovers in Atlantic City.
The other two projects included a diversity plan for hiring minority and women persons. The tax credit program includes a diversity component so that films can potentially receive a bonus of two percent of qualified film production expenses if the project can show good-faith efforts to undertake the approved diversity plan.
“New Jersey has a rich history as the setting for hundreds of films and television shows,” Murphy said. “Our diverse population and geography have long kept us on the short lists of studios and location scouts. The addition of this tax credit as well as our continued defense of progressive values put New Jersey on the cusp of becoming one of the premier locations in the nation.”
The tax credit program was signed by Governor Phil Murphy in 2018 and gives a 30% tax credit to qualified film production to use on their expenses. Productions could earn more depending on where in the state goods and services are purchased.
To be eligible, a film must spend at least 60% of its total budget through authorized vendors to do business in New Jersey or spend more than $1 million in qualified expenses in the state.
“This first group of film tax credit approvals emphasize what Governor Murphy has said—New Jersey is ready to stake its claim as a premier location for film and television production,” NJEDA Chief Executive Officer Tim Sullivan said. “Film and television production offers many economic benefits including new jobs and support for local small businesses, and this powerful incentive, along with New Jersey’s diverse population and landscapes, make a compelling case to producers that New Jersey is the ideal place for their next project.”
The productions approved represent nearly $6.2 million in tax credits, with individual awards ranging from $77,000 to more than $3 million.