NJ S3369

Increases digital media content production tax credits to 40% for post-production services (including visual effects) performed at New Jersey film-lease production facilities when at least $500,000 is spent there, and 35% for services performed by independent post-production companies

Adds a 4% bonus tax credit for taxpayers who submit and comply with a diversity plan for qualifying post-production expenses

Expands qualified production expenses to include wages paid to employees exempt from New Jersey income tax due to reciprocity agreements with other states (currently applies to Pennsylvania residents working in New Jersey)

Allows film production companies to qualify as New Jersey film-lease production companies if they sign a 3+ year lease for at least 36,000 square feet of soundstage space at a designated film-lease partner facility before that facility receives its certificate of occupancy

Applies retroactively to January 1, 2024 for taxpayers who have not yet received a tax credit certificate, with an option for those holding unused certificates to surrender them for reissuance under the new provisions