LIONSGATE WILL GET EXTRA TAX BREAKS TO MAKE MOVIES, SHOWS IN NEWARK
January 5, 2023
[patch.com]
An article on patch.com reports that the city of Newark, New Jersey has approved a plan to offer Lionsgate, a major film and television production company, additional tax breaks in order to encourage the company to invest in the city and produce movies and shows there. The tax breaks will be provided through the Newark Film and Television Commission and are intended to help attract more production companies to the city. The article notes that the tax breaks will be in addition to those already provided by the state of New Jersey, which has a strong film tax credit program. The decision to offer these additional incentives was made in order to create jobs and boost economic development in the area. The article concludes by stating that this move is expected to increase the city’s profile in the film and television industry and make it a more attractive destination for future productions.
“As part of the Garden State Film and Digital Media Jobs Act – which was revived by Murphy during his first term – studio partners will be eligible to write off additional “above-the-line” wage and salary costs, which are made to highly paid individuals like directors, producers, writers and performers.
Studio partners can apply for above-the-line wages and tax credits of $15 million, $25 million, $40 million or $60 million, depending on the amount of qualified film production expenses involved in the project. In addition, $100 million of the allocation for film and digital media tax credits is set aside for studio partners, the NJEDA said.
The studio partner designation awarded to Lionsgate is one of only three available under the film and digital media tax incentive program.“
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“Awarding this designation is a major step in New Jersey’s evolution as a film and television destination,” Murphy said. “Bringing studios like Lionsgate to New Jersey will allow us to attract more and larger productions to our state and will create good, high-paying jobs for our residents.”
By Eric Kiefer
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