When New Jersey Gov. Phil Murphy on July 3 signed film and TV tax credit legislation that would allocate up to $85 million per year over the next five years to projects in the state, he pledged that the move would allow the state to “regain a competitive footing.”
But the revival of New Jersey’s tax credit program arrives as states jostle ever more fiercely for major studio projects, with the payoff of boosting local economies and spurring tourism. California, where Gov. Jerry Brown signed a June 27 extension to fund a $330 million annual film and TV program through 2025, hopes to retain what would otherwise be runaway production.
“Currently, productions get the most benefit in California, New York, Georgia, Louisiana and New Mexico,” say Glenda Cantrell and Daniel Wheatcroft, authors of a new book on tax incentives. “These states all have developed a stellar incentive program.” New Jersey hopes to make it onto that shortlist, too. Meanwhile, Elsa Ramo of Ramo Law, who does a lot of independent film work, cites Ohio and Utah in addition to several of the better-known locations.