The new tax credits, which were signed by Gov. Phil Murphy, will be in effect until 2034
New Jersey Gov. Phil Murphy signed into law Thursday a significant expansion of the state’s tax credits for film and TV productions, hoping to pull more major entertainment projects from hubs like California, Georgia and New York. The new tax credit system will offer digital media projects shot in New Jersey a 30% tax credit on all qualified expenses, with that credit increasing to 35% in certain southern counties. The maximum credit has also been increased from $10 million to $30 million. Starting in 2025, the program will also allow an additional $100 million in tax credits for New Jersey film-lease partners from credits authorized under other incentive programs. “This legislation will ensure that our state remains a top destination for some of our country’s most significant film and TV productions,” said Gov.
