NJ Could Expand Tax Credit Program for Entertainment Made Here
A proposed law looking to expand tax credits for companies to film projects and produce digital content in New Jersey has cleared a legislative hurdle during the 2021 lame-duck session.
A bill approved by the Assembly Appropriations Committee would dish out more money for and remove certain restrictions within a film and digital media production tax credit program that was reinstated by Gov. Phil Murphy after former Gov. Chris Christie allowed it expire.
The Democrat-sponsored legislation, among other moves, would increase the amount of money devoted to digital media tax credits on a yearly basis, from $10 million to $30 million. It also ups the amount of digital media expenses a company can claim to qualify for the perk.
Audible, a Newark-based producer of audio storytelling, said the legislative proposal would allow the service to "double down" on local projects.
"The digital media tax credit program is catalyzing the growth of the digital media and innovation ecosystem in New Jersey ... generating jobs and taxable revenue," Brian Quinn, Audible's director of U.S. public policy, told lawmakers.
The Murphy Administration believes the reinstatement of the tax incentive program is heavily behind more than $500 million in spending related to TV and film production in New Jersey in 2021 alone.