the staff of the Ridgewood blog
Eatontown NJ, exciting developments are on the horizon for Eatontown, New Jersey, as the state unveiled the comprehensive tax breaks that Netflix will receive upon opening its planned film studio campus in the area. Anticipated to open its doors in 2028, the Netflix production hub at Fort Monmouth is poised to receive substantial incentives from the New Jersey Economic Development Authority (NJEDA), offering a glimpse into the significant economic impact of this venture.
According to announcements made by the NJEDA on Wednesday, Netflix will gain access to a $150-million pool of tax incentives, contingent upon the studio maintaining its Fort Monmouth production campus for at least a decade. In return, Netflix will be eligible for a 40-percent base tax credit for all future movie or TV shows produced within New Jersey.
This groundbreaking agreement introduces innovative mechanisms to incentivize long-term commitments from major studios, fostering economic growth and job creation in the region. Under the terms of the deal, Netflix has committed to keeping its Fort Monmouth campus operational for a minimum of 10 years, solidifying its presence as a cornerstone of New Jersey’s burgeoning film industry.
The tax incentive program offers a detailed breakdown of how studios can leverage the benefits, allowing for inclusion of Above-the-line (ATL) wage and salary expenses as part of their tax credits. For studios incurring between $15 million and $50 million in qualified film production expenses, up to $18 million in ATL expenses can be included, while studios exceeding $50 million in expenses can claim up to $72 million in ATL expenses.
State Senator Vin Gopal lauded the initiative as a strategic move to attract investment and promote sustainable economic development in Monmouth County. Governor Phil Murphy echoed this sentiment, emphasizing the potential for Netflix to generate thousands of jobs and solidify New Jersey’s position as a global hub for studio production.
With Netflix’s ambitious plans to construct over one million square feet of studio production and support space at the former Fort Monmouth U.S. Army base, the project represents a significant milestone in New Jersey’s revitalization efforts. As the state continues to cultivate an environment conducive to film and digital media production, the future of the industry appears brighter than ever.
Stay tuned for further updates on this groundbreaking project, as New Jersey prepares to welcome Netflix’s largest film studio in the world in 2028.
Filming in New Jersey , Invest in THE KING OF CON: The True Tale of Thomas Giacomaro: Con Man, Mob Guy, Fugitive, FBI Informant. Over $323,005 raised
https://wefunder.com/the.king.of.con.docuseries.2022
How to invest on #EquityCrowdfunding Site #Wefunder https://youtu.be/BHhBnzoCZRQ