New Jersey Assembly Panel Approves Expansion of Film Tax Credit Program
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Tax Analysts Editorial Staff
The New Jersey Assembly Budget Committee has approved a bill that would expand the state's film tax credit if the program is reinstated.
A 2905, sponsored by Assembly Democrats, would increase the tax credit from 20 percent to 22 percent for eligible film production expenses. It would also increase the film production tax credit annual cap from $ 10 million to $ 50 million and increase the annual cap for the digital media production tax credit from $ 5 million to $ 10 million, according to a December 16 release.
Gov. Chris Christie (R) suspended the program until at least July 1, 2011, as part of his budget cuts for fiscal 2011. He said in June that he needs time to evaluate the effectiveness of the program.
In a December 16 statement, sponsors of the bill praised the program and criticized its suspension.
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