NJ S5030

Extends New Jersey's film and digital media content production tax credit program through fiscal year 2049, offering tax credits of 30-40% depending on taxpayer designation (New Jersey studio partner, film-lease production company, or other)

Sets annual cumulative tax credit caps at $100 million for general taxpayers, $150 million for New Jersey studio partners, and $150 million for New Jersey film-lease production companies, with additional discretionary amounts available from specified funds

Requires productions to have at least 60% of total film production expenses incurred in New Jersey or exceed $1 million in qualified expenses, with principal photography commencing within 180 days of application

Modifies designation rules so that when a New Jersey studio partner becomes a New Jersey film-lease partner facility, the number of film-lease partner facilities is reduced by one, rather than requiring a formula-based reallocation of tax credit caps

Maintains requirements for independent CPA verification reports, 6.37% withholding on payments to loan-out companies and independent contractors, and allows tax credit transfer certificates to be sold for at least 75% of their value