Excerpts
Murphy, a first-year Democratic governor, and the Democrat-led Legislature approved the new tax credit program in July, renewing an incentive that Republican Chris Christie let expire.
The program has come under criticism since legislative estimates say it could cost up to $425 million over five years with an uncertain economic benefit to the state, whose budget is perennially strapped.
But
Murphy brushed that criticism aside on Friday. He says the NBC program
will mean 300 jobs and $50 million in goods in services purchased in the
state.
Unlike other tax incentives, the new law doesn't require a so-called net benefits test, meaning the credits do not necessarily have to lead to an overall financial positive for the state before they're awarded.
It also established a five-year tax credit program film and digital media production expenses incurred in New Jersey. No more than $75 million in tax credits can be granted for qualified film production expenses and no more than $10 million in credits for digital media content production expenses are allowed
https://www.pressofatlanticcity.com/news/new-jersey-rolls-out-m-film-tax-credit-sequel/article_277ab856-7560-5a1b-afb9-3b8bd3fa0c90.html
Unlike other tax incentives, the new law doesn't require a so-called net benefits test, meaning the credits do not necessarily have to lead to an overall financial positive for the state before they're awarded.
It also established a five-year tax credit program film and digital media production expenses incurred in New Jersey. No more than $75 million in tax credits can be granted for qualified film production expenses and no more than $10 million in credits for digital media content production expenses are allowed
https://www.pressofatlanticcity.com/news/new-jersey-rolls-out-m-film-tax-credit-sequel/article_277ab856-7560-5a1b-afb9-3b8bd3fa0c90.html
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