Film & TV Tax Credits and the Battle of the Border States

Since New Jersey’s film and TV tax credits were revived in 2018 by Gov. Phil Murphy and extended in 2020 to 2028, New Jersey has seen a considerable uptick in film and TV productions with consecutive record-breaking years. In 2021, $500 million was spent on production in the state and this number increased to $650 million in 2022. Coupled this with the fact that Lionsgate is building a studio in Newark and Netflix is building a studio in Fort Monmouth, New Jersey is turning into the place to be for film and TV productions.

From their view across the Hudson River, New York can see all the production activity that once flocked to their State having a grand time in New Jersey and decided they needed to incentivize filmmakers to come back to the Empire State. In a recent budget proposal, Gov. Kathy Hochul sought to raise New York film tax credits and boost its annual cap, in a package that would run through 2034. This package would need to be approved by State legislators so time will tell if New York can win back those which it has lost.