New Jersey awards first round of Film Tax Credits
New Jersey’s 30-35% Film and Digital Media Tax Credit Program, which was signed into law in summer 2018, has approved its first round of productions. Four projects have been approved, two of which will receive the bonus allocated to productions with a diversity plan for hiring minority and women.
Amounting to nearly USD6.2 million worth of tax credits, the awards range from USD77,000 to over USD3 million, and are going to a mix of TV and film projects. Projects approved include a biopic of Kathy DiFiore, which promises to tell an “inspiring story of overcoming domestic violence and homelessness to establish a shelter for women and pregnant teens” and a tale of star-crossed lovers set in Atlantic City.
Two of the projects have been awarded the 2% bonus credit afforded to productions that present a application accompanied by a diversity plan which has been followed through. A 5% bonus is also available depending on where in New Jersey goods and services have been purchased.
Steve Gorelick, Executive Director, New Jersey Motion Picture and Television Commission states that “the interest in the Film Tax Credit Program has already been incredible, and we look forward to more and more productions shooting in New Jersey in the years to come”. “Along with the tax credit, filmmakers are taking notice of New Jersey’s highly-skilled workforce, diverse array of locations, and well-developed infrastructure”.
“New Jersey has a rich history as the setting for hundreds of films and television shows” said Governor Murphy, who signed the program into law. “Our diverse population and geography have long kept us on the short lists of studios and locations scouts. The addition of the tax credit as well as our continued defence of progressive values put New Jersey on the cusp of becoming one of the premier locations in the nation” he adds.
Sopranos prequel The Many Saints of Newark has recently wrapped filming in New Jersey. The New Jersey set prequel to HBO’s first major hit (pictured) will be set during the 1967 Newark riots, and is due for release in September 2020.
New Jersey’s Film and Digital Media Tax Credit Program provides a tax credit of 30% of qualified film and production expenses, with the potential for bonus credits depending on where in New Jersey goods and services are purchased. To be eligible, a film must spend at least 60% of its total budget through vendors authorised to do business in New Jersey or spend over USD1 million in qualified expenses in the state.
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