Bill > A5827

This bill modifies the Film and Digital Media Tax Credit Program in New Jersey, extending the program's availability through 2049 and making several key changes to tax credit provisions for film and digital media production. The bill increases the potential tax credit percentages for New Jersey studio partners and film-lease production companies, with credits now ranging from 30% to 40% depending on specific criteria. It introduces new requirements for companies to qualify for additional tax credits, including promotional efforts that showcase New Jersey locations, creating social media content, supporting workforce development programs, and engaging local vendors. The bill also expands the definition of qualifying production expenses, allowing more types of costs to be included in tax credit calculations, such as script costs, production insurance, and producer fees. Additionally, the legislation increases the state's ability to purchase unused tax credits, with a new provision allowing the state to purchase up to 95% of certain tax credits for approved applications from January 2026 onward. The bill aims to make New Jersey more competitive in attracting film and digital media production by offering more flexible and potentially more lucrative tax incentives while also requiring companies to demonstrate tangible benefits to the state's economy and local communities.