Main Points of NJ Film Incentive Law

• Credit is equal to 20% of the qualifying film production expenses. 60% must be spent in NJ.
• 50% limitation factor
• 7 year carryforward for both seller and buyer
• State tax rate is 9%
• No Recourse to the Buyer
• Program has a $10,000,000 cap per year. Applicants treated on a first in first out until the 10 million is allocated.
• NJEDA and Division of Taxation will be running the Program
• Application dates are not clearly stated as of yet