Bill > S4618

This bill modifies certain requirements and award availability under New Jersey's film and digital media content production tax credit program. The bill makes several key changes to the existing tax credit program, including: for digital media content production, qualified expenses will no longer include wage and salary payments to full-time employees, and marketing, promotion, website design, and advertising costs will be excluded from qualified expenses. For film productions, the bill introduces new provisions that allow additional tax credits for New Jersey studio partners and film-lease production companies who meet specific promotional and workforce development goals. The bill increases the potential total tax credit percentage to 45% for qualifying productions, with a 35% base credit and up to an additional 5% for hiring residents from economically disadvantaged areas and promoting New Jersey. The bill also establishes new rules for tax credit transfer and purchase, including allowing the state to purchase unused credits at up to 95% of their value for applications approved after January 1, 2026, with annual purchase limits. The changes are designed to continue incentivizing film and digital media production in New Jersey while adding more stringent requirements for companies seeking tax credits.