New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31T - GARDEN STATE FILM AND DIGITAL MEDIA JOBS PROGRAM › Subchapter 1 - GARDEN STATE FILM AND DIGITAL MEDIA JOBS PROGRAM › Section 19:31T-1.11 - Cap on total credits

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The
				  value of tax credits, including tax credits allowed through the granting of tax
				  credit transfer certificates, approved by the Director and the Authority
				  pursuant to N.J.A.C. 19:31T-1.6(a) shall be as follows:
1. Pursuant to
				  N.J.S.A.
				  54:10A-5.39b.e(1) and 54A:4-12b.f(1), to
				  approved applicants, other than studio partners and film-lease production
				  companies, the cumulative total shall not exceed $ 100,000,000 in fiscal year
				  2019, and in each fiscal year thereafter prior to fiscal year 2040, as
				  indicated by the tax credit vintage period, to apply against the tax imposed
				  pursuant to
				  N.J.S.A.
				  54:10A-5 and the tax imposed pursuant to the
				  New Jersey Gross Income Tax Act,
				  N.J.S.A.
				  54A:1-1 et seq.
2. For studio partners and film-lease
				  production companies:
i. Pursuant to
				  N.J.S.A.
				  54:10A-5.39b.e(1) and 54A:4-12b.f(1), except
				  as provided at (a)2ii and iii below, the cumulative total shall not exceed $
				  100,000,000 in fiscal year 2021 and in each fiscal year thereafter prior to
				  fiscal year 2024, and shall not exceed a cumulative total of $ 150,000,000 in
				  fiscal year 2024 and in each fiscal year thereafter prior to fiscal year 2040,
				  to apply against the tax imposed pursuant to
				  N.J.S.A.
				  54:10A-5 and the tax imposed pursuant to the
				  New Jersey Gross Income Tax Act,
				  N.J.S.A.
				  54A:1-1 et seq.
ii. Pursuant to
				  N.J.S.A.
				  34:1B-362.d, notwithstanding the provisions
				  of any other law to the contrary, the uncommitted balance of the total value of
				  tax credits authorized for award by the Authority pursuant to
				  N.J.S.A.
				  34:1B-362.b(1)(f) to the New Jersey Aspire
				  Program Act,
				  N.J.S.A.
				  34:1B-322 through
				  34:1B-335, and the Emerge Program
				  Act, N.J.S.A. 34:1B-336 through
				  34:1B-348, $ 250,000,000 shall be
				  made available for tax credits allowed in fiscal years 2023, 2024, and
				  2025.
iii. Pursuant to
				  N.J.S.A.
				  34:1B-362.b(1)(i), 54:10A-5.39b.e(1), and
				  54A:4-12b.f(1), beginning in fiscal year 2023, in addition to the cumulative
				  total tax credits made available for studio partners pursuant to (a)2i and ii
				  above, up to an additional $ 400,000,000 may be made available annually to
				  studio partners and $ 250,000,000 for film-lease production companies, in the
				  discretion of the Authority, for the award of tax credits, including tax
				  credits allowed through the granting of tax credit transfer certificates, from
				  the funds made available pursuant to
				  N.J.S.A.
				  34:1B-362.b(1)(i), from the tax credits made
				  available pursuant to
				  N.J.S.A.
				  34:1B-362.f to the New Jersey Aspire Program
				  Act, N.J.S.A. 34:1B-322 through
				  34:1B-335, and the Emerge Program
				  Act, N.J.S.A. 34:1B-336 through
				  34:1B-348, not including tax
				  credits awarded for transformative projects.
3. If the applicable cumulative total amount
				  of tax credits initially approved and tax credit transfer certificates approved
				  for privilege periods or taxable years commencing during a single fiscal year
				  pursuant to N.J.A.C. 19:31T-1.6(a) exceeds the amount of tax credits available
				  in that fiscal year, then applicants who have first applied for and have not
				  been approved a tax credit or tax credit transfer certificate amount for that
				  reason shall have their applications approved by the Authority, provided the
				  applications otherwise satisfies the requirements of the program, and shall be
				  allowed the amount of tax credit or tax credit transfer certificate on the
				  first day of the next succeeding fiscal year in which tax credits and tax
				  credit transfer certificates pursuant to N.J.A.C. 19:31T-1.6(a) are not in
				  excess of the amount of applicable credits available.