Are you in a New JERSEY STATE of Mind?
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.
