Tax Credits and Diversity Take Center Stage in New Bill for Media Production in N.J.Last Edited: Jul 04, 2018 1:00 PM
Governor Phil Murphy has signed a bill that will make it cheaper for film and television production companies to film in New Jersey.
The bill called the Garden State Film and Digital Media Jobs Act (Senate Bill No. 122), provides film and television production companies with business tax and gross income tax credits for some expenses while filming in the state.
“The film and digital media industry is poised to become a dynamic part of New Jersey’s economy, one that will create good-paying union jobs and countless residual benefits to the economy,” said Murphy. “By signing this legislation, we are allowing these companies to take advantage of New Jersey’s unique culture, location, and geography. I look forward to seeing the many projects that will come out of our great state thanks to the Garden State Film and Digital Media Jobs Act.”
Senate Budget and Appropriations Committee Chairman Paul Sarlo said that the signing of the bill will increase New Jerseys holding in the film and digital media industries.
“I want to thank Governor Murphy for signing this important legislation. We will now be able to advance our objective of reinvigorating the film and digital media industries In New Jersey,” said Sarlo. “There is a natural synergy between digital technology and the film industry. We want to position New Jersey at the forefront of new developments, new technologies, and future opportunities.”
The bill also incentivizes companies to hire more diverse casts and crews. The Economic Development Authority will confirm that companies have been making good-faith efforts toward diversity before receiving additional incentives.
The new law takes effect immediately.
Earlier this week, Murphy also approved the dedication of $5 million to create the Civic Information Consortium. This creates a nonprofit dedicated to strengthening local media in the state.
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