NJ S4618

Extends the Film and Digital Media Tax Credit Program through fiscal year 2049, providing tax credits of 30-40% of qualified production expenses depending on taxpayer designation (New Jersey studio partners receive 40%, film-lease production companies 35%, and other taxpayers 30-35%)

Requires the Director of Taxation to purchase unused tax credits from New Jersey studio partners at 95% of credit value (vs. 75% standard rate), with annual caps starting at $80 million in FY2026 and rising to $200 million annually by FY2029

Creates additional 4% tax credits for taxpayers who develop plans to hire residents from economically disadvantaged areas or distressed municipalities, or who promote New Jersey through specific marketing activities

Establishes a new 4% promotional tax credit for studio partners and film-lease production companies that meet at least four criteria, including creating behind-the-scenes location videos, social media posts about filming experiences, displaying NJ promotional logos, setting films in New Jersey, or supporting workforce development programs

Caps total additional tax credits (for hiring and promotion) at 5% of qualified expenses and limits overall program credits to 45% of qualified production expenses for tax periods beginning July 1, 2025 through June 30, 2049