TRENTON – Legislation to expand New Jersey’s film and digital media production tax credit once it’s restored in 2011 was released Thursday 7-0-4 by an Assembly panel.
The bill (A-2905) as of July 1, 2011 increases the annual program cap for the film production tax credit from $10 million to $50 million and for the digital media production tax credit from $5 million to $10 million.
The bill also provides for a tax credit equal to 22 percent, instead of the current 20 percent, of eligible production expenses if the expenses represent purchases of goods from businesses located in Urban Enterprise Zones or purchases of services performed by residents of a UEZ.
The credits were suspended this year because of New Jersey’s fiscal problems.
The bill was released by the Assembly Budget Committee.
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