ASSEMBLYMAN MORIARTY’S BILL BRINGING JOBS TO NEW JERSEY HEADS TO GOVERNOR MURPHY
Assemblyman Moriarty’s sponsored legislation, to incentivize the production of films and digital media content in New Jersey, recently passed the Assembly and Senate. Similar incentive programs have brought more studios and film production to other states. The increased production has led to more jobs for their residents and more investments in their local businesses.
Assemblyman Moriarty understands that New Jersey has so much to offer to the film industry. Our beautiful state could provide great scenery for films, and our residents are ready to contribute to them.
The bill (A-1038), known as the Garden State Film and Digital Media Jobs Act, provides a credit against the corporate business and gross income taxes for certain expenses incurred during the production of films and digital media content in New Jersey.
After the approval of an application sent to the New Jersey Economic Development Authority and the Director of the Division of Taxation in the Department of the Treasury, taxpayers will be allowed a credit amount equal to 30 percent of the qualified film production expenses and 20 percent of the qualified digital media content production expenses.
Assemblyman Moriarty knows how vital film investment could be to our South Jersey community. As such, the Assemblyman fought to create a bill that would benefit our region. As a result, for expenses incurred in eight southern Counties the allowable credit increases to 35 percent and 25 percent respectively.
Now that the bill has passed both houses it will head to the Governor’s desk for his consideration. The legislation would take effect immediately upon being signed into law.
The Assemblyman has spent his time in the Assembly fighting for Main Street residents. This act joins other initiatives, such as required paid sick leave and protection from zombie foreclosures, in this fight. Assemblyman Moriarty believes that these tax credits will bring jobs for our residents and investments in our communities.