After Murphy won the election, many things changed. And one of the more significant changes was the resurrection of the film tax credits program that Chris Christie let expire.
If you remember, a few years ago, Christie stopped the incentive. This is mostly because Jersey Shore took advantage of it. And Christie didn’t like the fact that the MTV production didn’t always shine a favorable light on the State.
Yet, what the Governor failed to acknowledge is that it’s this program that helped films like Ocean 11 (that showcase the ex-Trump Taj Mahal, now Hard Rock Casino) to drive revenue to Atlantic City.
And so, the film tax credits program is not only excellent to bring A-listers. Like the movie Joker starring Joaquin Phoenix. But it’s also a great incentive for directors like Spielberg to spend at least 60% of their production budget here.
5 Big movies get Tax Credit
According to rumors, at least 5 more big movies could come to the Garden State this year.
Indeed, the Economic Development Authority approved a second round of film credits mid-August, and for a total of $9 Million. But most importantly, a slice of the cash went to Steven Spielberg for an adaptation of West Side Story.
Besides, 4 other projects, including one with Chazz Palminteri, will bring Hollywood actors to the Garden State.
As of now, it’s uncertain if more production will come to New Jersey. But it’s worth knowing that the $75 million annual tax credit budget (or $425 million over five years). Still has room to grow this economic sector, whose impact is always hard to predict.
Meanwhile, the debate between Murphy and Norcross over business tax credits continues. And ‘Murphy’s still has a firm grip and investigate past tax incentive as well.