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Senate Commerce Committee Statement to Senate, No. 4392 — State of New Jersey (June 12, 2025)

Summary

The Senate Commerce Committee of the State of New Jersey, in a statement dated June 12, 2025, reports favorably Senate Bill No. 4392. The bill revises the Garden State Film and Digital Media Tax Credit Program, which provides corporation business tax and gross income tax credits for expenses of producing certain films and digital media content. It adds a criterion for certain expenses to be eligible for the credit. All original music and original musical scores developed for a film or digital media production must be produced and recorded domestically in the United States or any of its territories.

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“Senate Commerce Committee Statement to Senate, No. 4392 — State of New Jersey (June 12, 2025).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/s4392-scm-statement-6-12-25-99508f316a/, SHA-256 18b13ac1a1318e361707d57cf6f0e07bb660655f4f8cb9d6b1bdaba3495355f0.

Full text

SENATE COMMERCE COMMITTEE

STATEMENT TO

SENATE, No.
4392

STATE
OF NEW JERSEY

DATED: JUNE
12, 2025

The Senate Commerce Committee reports favorably Senate
Bill No. 4392.

The
bill revises the Garden State Film and Digital Media Tax Credit Program, which
provides corporation business tax and gross income tax credits for expenses
incurred for the production of certain films and digital media content.
Specifically, the bill revises the tax credit program to include an additional
criterion for certain film and digital media content expenses to be considered
eligible for the tax credit.

The
bill adds a requirement to the tax credit program for taxpayers that produce
films and digital media content that include original music or original musical
scores. The bill requires all original music and original musical scores
developed for the production of film or digital media content to be produced
and recorded domestically in the United States or any of its territories.

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