Bill > S2080

Introduced Session

The bill revises certain provisions of the Garden State Film and Digital Media Tax Credit Program, which provides corporation business tax and gross income tax credits for expenses incurred for the production of certain films and digital media content. The total annual amount of tax credits authorized by the program is portioned among three categories of qualifying taxpayers: New Jersey studio partners, New Jersey film-lease production companies, and taxpayers other than New Jersey studio partners and New Jersey film-lease production companies. For each fiscal year, the New Jersey Economic Development Authority (EDA) is required to certify the amount of tax credits that were previously approved for qualifying taxpayers, but that the taxpayers were not able to redeem or transfer to other taxpayers in that fiscal year. The authority is also required to certify the amount of tax credits that were not approved for qualifying taxpayers in that fiscal year. The bill clarifies that the EDA is permitted to reallocate some or all of those remaining tax credits in the subsequent fiscal year across the three categories of qualifying taxpayer, in the authority's discretion.

AI Summary

Committee Categories

Vin Gopal (D)*, 

Introduced in the Senate, Referred to Senate Economic Growth Committee (on 01/09/2024)

Official Document