Are you in a New JERSEY STATE of Mind?

Joseph Chianese
Joseph Chianese Member Posts: 130

I’M IN A NEW JERSEY STATE OF MIND!

- 30%-44% Transferable Tax Credit

- Base credit: 30% on qualified production expenses.

- 35% credit: If production occurs in Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester, Mercer, or Salem counties.

35% on Resident & Non-Resident ATL and BTL (with an additional 2% or 4% on all qualified payroll, when the application is accompanied with a diversity plan, the plan is approved).

30% on all qualified expenses for goods and services used within a "30-mile radius" of Columbus Circle.

35% for qualified goods and services used outside this radius or in the designated southern counties (see above).

With a 2% or 4% Uplift: Available on qualified production expenses if accompanied by a diversity plan approved by NJEDA, which must verify good faith efforts toward diversity goals.

Minimum Spend - $1M, or 60% of total production expenses must be spent in-state.

Project Cap - None

Compensation Cap- $750,000 per individual for standard productions or $500,000 per individual for Studio Partners

Annual Cap - $400M annually, with an additional $150M specifically allocated for Studio Partners.

Sunset Date - June 30, 2039

NJ studio or film-lease production companies earn 40% of qualified wages and salaries and 35% on nonpayroll spend within the 30-mile zone and 40% on nonpayroll spend outside the 30-mile zone.

To be eligible to apply for the Studio Partner designation, the applicant must be a production company that has site control of a production facility that is at least 250,000 square feet for at least 10 years

(Reality television shows qualify for tax credits only if the production company has owned or leased a production facility of at least "20,000 sq. ft." a minimum of "24 months" and invested at least $3M in the facility, located in a designated urban enterprise zone.

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