On Monday, December 17, 2018, the New Jersey Economic Development Authority (NJEDA) released the much-awaited application for the NJ Film Tax Credit Program
Created by legislation passed earlier this year, the Film & Digital Media Tax Credit Program will allow for taxpayers (in most cases, production companies) to seek a tax credit for qualified film production and digital media content production expenses. Applications will be approved by the New Jersey Economic Development Authority (NJEDA) and the Director of the Division of Taxation in the Department of the Treasury. Approved applicants are entitled 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.
Importantly, the NJEDA only released the application for the film production component of the program. The digital media application is expected to be released in January 2019. The full press release from the NJEDA can be found here: https://www.njeda.com/filmtaxcreditapplicationrelease
If interested in learning more this program or any other economic incentive program, please do not hesitate to contact Chris Murphy at (973) 877-6984 or firstname.lastname@example.org.
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