Listen to this articleThe basics:
- Paramount gains Studio Partner status under NJEDA program
- Eligible for 40% tax credit on qualified production expenses
- Will lease 285,000 sq ft at 1888 Studios in Bayonne
During its Oct. 30 meeting, the New Jersey Economic Development Authority designated Paramount (a Skydance Corp.) as a Studio Partner under the state’s Film and Digital Media Tax Credit program.
The designation makes Paramount eligible for a 40% base tax credit for qualified production expenses on future New Jersey film and television projects.
As NJBIZ reported earlier this week, Paramount announced it will lease space at 1888 Studios in Bayonne. The agreement for more than 285,000 square feet covers a minimum of 10 years. Developed by Togus Urban Renewal LLC, the NJEDA designated the site a Film-Lease Partner Facility last year. That status allows tenants to access enhanced tax credits.
1888 Studios is set to become the largest campus-style production facility in the Northeast. It will feature:
- 23 sound stages
- Over 350,000 square feet of production support space
- Waterfront park
- Office and backlot amenities
Paramount is a leading global media and entertainment company. Its portfolio includes Paramount Pictures, Paramount Television, CBS, CBS News, CBS Sports, Nickelodeon, MTV and more.
With the Studio Partner designation, Paramount gains access to the state’s competitive tax incentives. The program aims to reduce production costs and attract large-scale entertainment projects to New Jersey.
‘More attractive than ever’
“New Jersey’s competitive tax incentive program, deep talent pool, and diverse locations are proving to be successful in attracting leading entertainment companies, such as Paramount, to the state,” said Gov. Phil Murphy. “This is a tremendous investment into Bayonne, which will help create good-paying careers, support small businesses and local vendors, and drive meaningful economic growth.”
NJEDA Chief Executive Officer Tim Sullivan said Paramount’s long-term commitment is a testament to New Jersey’s rising position as a national leader in film and television production.
“Since he took office, Gov. Murphy has been committed to curating a robust film industry, leading to major productions and studios coming to New Jersey and hundreds of millions of dollars invested into communities across the state,” said Sullivan.
“Scaling our production and expanding our slate of world-class entertainment is central to our long-term strategy. We’re thrilled to invest in the United States and in the region and lean into our creative momentum to spark economic growth,” said Andy Gordon, chief strategy officer and chief operating officer for Paramount. “We’re deeply grateful for the support and partnership of Gov. Murphy, Sen. Raj Mukherji, the New Jersey Economic Development Authority, and 1888 Studios.
“Thanks to highly competitive tax credit programs like New Jersey’s, the tri-state area is more attractive than ever for production as we work together to create new jobs and empower more domestic production for America’s creative workforce.”
