New Jersey Adopts Garden State Film and Digital Media Jobs Program Regulation

New Jersey has adopted new regulations to implement the Garden State Film and Digital Media Jobs Program, which provides a credit against corporate and personal income taxes for production of film and digital media content. (TAXDAY 2018/07/09, S.19)

Program Credit

Under the program, eligible taxpayers are allowed a tax credit of 30% of the qualified film production expenses or 20% of the qualified digital media content production expenses incurred after July 1, 2018, but before July 1, 2023. The allowable credit is increased to 35% of the qualified film production expenses or 25% of the qualified digital media content production expenses of the taxpayer for the expenses incurred for services performed and tangible personal property used or consumed from a vendor whose primary business is located in Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester, Mercer, or Salem County.

Adopted Regulations

The adopted regulations provide specific information on the scope of the credit, including:

– definitions;

– eligibility criteria;

– application requirements and fees;

– credit amounts and carryforward information; and

– application evaluations and appeals.

N.J.A.C. 19:31-21, New Jersey Division of Taxation, effective November 9, 2018, and expire June 28, 2019

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CCHTaxGroup

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