Revises certain requirements and award availability under film and digital media content production tax credit program.

# Summary of New Jersey Film and Digital Media Tax Credit Program Bill This bill significantly revises New Jersey's film and digital media content production tax credit program, extending its availability until July 2049 (10 years longer than current law) and making numerous key changes: ## Key Changes 1. **Increased Tax Credit Rates** - Studio partners/film-lease production companies: 40% (up from 35%) of qualified film production expenses when incurred within a 30-mile radius of NYC's 59th Street intersection - Competitive adjustment: If neighboring states offer equal or greater tax credits (as percentage of expenses), credits increase to 45% for productions in the specified NYC radius area 2. **New Incentives** - Additional 5% tax credit for "television series that relocated to New Jersey" (defined as scripted series with 22+ min episodes, $2.5M budget per episode, all prior seasons filmed outside NJ) - New 2% promotional credit for qualifying promotional activities (videos of NJ locations, social media posts, promotional logos, NJ references in film) 3. **Expanded Credit Availability** - Maximum cumulative credits: - Studio partners: $300 million (up from $150 million) starting FY 2026 - Film-lease production companies: $250 million (up from $150 million) starting FY 2026 - Discretionary additional awards decreased: $250 million for studio partners (down from $400M), $150 million for film-lease companies (down from $250M) 4. **Simplified Diversity Credit** - Removed the additional requirements for a 4% tax credit (previously required specific performer hiring goals) - Now provides 4% credit for film production expenses for diversity plans meeting the same criteria as digital media credits 5. **New Definitions** - Created "New Jersey film-lease post-production company" category - Modified "commitment period" to be "continuing for a minimum of 10 years" rather than "expiring" after 10 years - Added "script costs" to qualified film production expenses for studio/film-lease companies 6. **Administrative Changes** - Allows tax liability to be reduced below zero (with option for refund or carry-forward) - Recapture of tax credits applies only to initial recipient (not purchasers/assignees of tax credit transfer certificates) - Allows supplemental reports for film-lease production companies similar to studio partners - Expands credit applicability to insurance premium tax liability This bill aims to strengthen New Jersey's competitiveness in attracting film and digital media productions while promoting New Jersey's cultural and economic benefits.