Bill > A2588

Introduced Session

This bill provides a tax credit for capital investment in a film production facility to incentivize the growth of a permanent film industry presence in New Jersey. If a taxpayer makes at least a $30 million capital investment in a film production facility, the taxpayer will be eligible for a credit against the corporate business tax or gross income tax. The credit will be in the amount of 30 percent of the capital investment, and can be claimed in the year it is earned or the seven subsequent years. The credit can also be transferred to another taxpayer. The bill caps the amount of credits granted per year at $100 million. To be eligible for the credit, the capital investment must be for a production facility with at least 50,000 square feet of space and which contains at least one sound stage. In addition, the capital investment must be made during the years the Garden State Film and Digital Media Jobs Act (P.L.2018, c.56 as amended by P.L.2019, c.506) remains in effect (through July 1, 2028).

AI Summary

Committee Categories

Jessica Ramirez (D)*, 

Introduced, Referred to Assembly Commerce, Economic Development and Agriculture Committee (on 01/09/2024)

Official Document