Netflix studio project in Bayonne gets eligibility for expanded tax credits
Gov. Phil Murphy believes this a substantial investment that will create thousands of good-paying jobs, support small businesses and vendors, and stimulate the regional economy.
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4h agoThe New Jersey Economic Development Authority Board designated Netflix as a studio partner this week, allowing the media company to access expanded benefits under the state’s Film and Digital Media Tax Credit program.
Gov. Phil Murphy believes this deal will make a compelling case for the return of major production companies to the birthplace of film: New Jersey.
Under the agreement, Netflix will commit to occupy a film production facility in New Jersey for at least 10 years and is potentially eligible for a 40% base tax credit for qualified production expenses on future state film projects, according to the New Jersey Economic Development Authority. The tax credit agreement is expected to help move this deal forward.
Murphy calls this a substantial investment that will create thousands of good-paying jobs, support small businesses and vendors, and stimulate the regional economy.
The Netflix agreement to develop more than 1 million square feet of studio production and support space at the studio campus in Fort Monmouth will include a state-of-the-art production studio campus with 12 soundstages.
Netflix plans to open the full facility in 2028.
