After criticizing his predecessor’s use of tax incentives as an overused tool that yielded questionable returns, Gov. Phil Murphy is poised to bring back a film credit program that could lose up to $425 million.
Murphy has reaffirmed his support for the Garden State Film and Digital Media Jobs Act, which he had said during the Montclair Film Festival over the weekend he would sign. The bill, S-122, was passed last month and would give up to $75 million in tax credits for film production and up to $10 million for digital media over five years.
“This is the sort of tax credit we actually like,” Murphy said Monday during an unrelated news conference Monday, because it is “fast-hitting” and “grows our pride as a state.”