Shoot at Cobalt and Save 30% Per Production with the NJ Tax Credit
Shoot at Cobalt and Save 30% Per Production
Now, in effect for the fiscal year of 2019, New Jersey’s Film & TV Tax incentives include credits of $75 million per fiscal year for film and television projects. The bill also incentivizes companies to make significant efforts to hire diverse cast and crews with a 2% diversity credit for employing at least 15 percent women and minorities. And to top it all off, when you “set up your entity” here at Cobalt, you can shoot on location anywhere and still take advantage of the tax credit.
NJ Tax Credit News
Last week, we spoke with Steven Gorelick, Executive Director of New Jersey’s Motion Picture and Television Commission. We discussed NJ’s Film and TV Tax Credit- and our shared mission to meet the needs of the Tri-State Area production community. This past summer, NJ’s Economic Development Authority awarded the first tax credits of the new program—$6.2 million… divided among four projects.
NEW JERSEY OUTCOMPETES NEW YORK ON TAX INCENTIVES
We consulted with Industry analysts, who confirmed that New Jersey’s Film & TV Tax Credit is more competitive than similar incentives in New York State. The NJ incentives include 30 percent of ABOVE AND BELOW the line for all qualifying production expenses. New York’s tax credit only pertains to below the line expenses 🙁
It’s a Great Time to Lock in These Savings
To learn more about the incentives, you can check out these FAQs and read the legislation in its entirety here. Download this PDF that New Jersey’s Motion Picture and Television Commission Executive Director Stephen Gorelick sent us to share with you.