Month: March 2018

Murphy Partners LLP is proud to announce that Chris J. Murphy has been named to the board of directors of the Greater Newark Enterprises Corporation (GNEC).

GNEC is a non-profit organization and Community Development Financing Institution (CDFI) committed to business growth and job creation. GNEC accomplishes this mission by connecting entrepreneurs to business and capital resources.

“I have no doubt that Chris’ deep understanding of the intersection of law, business, and government will be a value asset to GNEC. As a firm, we are proud of his continued dedication to serving our community,” says Kellen F. Murphy, managing partner at Murphy Partners LLP.

For more information on GNEC, please visit www.gnecorp.org

Last week, the Senate Budget and Appropriations Committee voted 11-1 to advance the “Garden State Film and Digital Media Jobs Act.” As amended, the bill provides a credit against the corporation business tax (CBT) and the gross income tax (GIT) for certain expenses incurred for the production of certain films and digital media content in the State.

Under the bill (S122), applications approved by the New Jersey Economic Development Authority (NJEDA) and the Director of the Division of Taxation in the Department of the Treasury, may entitle a taxpayer to claim a credit against CBT or GIT liability in an amount equal to 30 percent (35 percent in limited cases) of the qualified film production expenses or 20 percent (25 percent in limited cases) of the qualified digital media content production expenses.

Historically, New Jersey has utilized tax credits to incentivize film and media production projects. Following the prior program’s expiration a year earlier, in 2016, Governor Christie vetoed a bill that would have created a film and media tax credit program.

On the other side of the river, New York’s Film Production Tax Credit program (NYS Tax Law § 24) has been wildly successful in attracting film production to New York and creating film industry-related jobs throughout the State. The program provides certain tax incentives to companies that produce qualified feature films, television movies, and television series and pilots in New York State, and/or incur post-production costs in the State associated with the original creation of such productions.

While it is certainly too early to tell if the Garden State Film and Digital Media Jobs Act will become law, this is definitely a step in the right direction.

If interested in learning more about this or other economic development incentive programs, please do not hesitate to contact Murphy Partners LLP at (973) 877-6984 or info@murphyllp.com.

Murphy Partners LLP is proud to announce that Roosevelt J. Donat, special counsel, has been appointed as a Trustee of the IOLTA Fund.

The IOLTA Fund of the Bar of New Jersey was established by the NJ Supreme Court and provides funding for legal assistance to the disadvantaged in civil matters. Since 1989, the IOLTA Fund has awarded grants of over 415 million to Legal Services of New Jersey, the New Jersey State Bar Foundation and 136 other non-profit, 501(c) 3 organizations. The grants provide funding for free legal services to low-income people with civil legal problems, improvement in the administration of justice and education about the law.

For more information on the IOLTA Fund, please visit www.ioltanj.org.

On Tuesday, March 13, 2018, the New Jersey Economic Development Authority (NJEDA) will hold its monthly board meeting in Trenton. Among the actions to be taken, the Board will consider four applications under the Grow New Jersey Assistance Program (Grow NJ). If approved, the four applicants could receive over $23,000,000 in tax credits (over 10 years).

Created under the Economic Opportunity Act of 2013, the Grow New Jersey Assistance Program (Grow NJ) is the State’s main job creation and retention incentive program. Under the Grow NJ program, businesses creating or retaining jobs in the State may be eligible for tax credits ranging from $500 to $5,000 per job, per year; with bonus credits ranging from $250 to $3,000 per job, per year (awards vary based on applicable criteria).

The Grow NJ program has been wildly popular and incredibly successful. Since its implementation, 247 projects have received awards, totaling over $4.7 billion in tax credits. Approved applicants generally have three years to certify, or complete, a project. A project is deemed complete when the applicant has hired or retained the number of employees listed in its application, and satisfied the program’s capital investment requirements. Once certified, the 247 projects will drive over $4.5 billion in private capital investment, create over 30,000 new jobs, and retain over 35,000 jobs at risk of leaving the State.

If interested in learning more about Grow NJ or other economic development incentive programs, please do not hesitate to contact Murphy Partners LLP at (973) 877-6984 or info@murphyllp.com.