S3748 empowers the New Jersey Economic Development Authority (EDA) and New Jersey film-lease partner facilities to determine investment terms collectively. The EDA can annually allocate $250 million each for New Jersey studio partners and film-lease production companies for fiscal years 2023-2025.
The New Jersey State Assembly passed S3748 on June 30, 2023 by a vote of 63 to 13. We have assigned pluses to the nays because providing tax credits to a specific industry, particularly the film industry, is not appropriate. Most of the film industry supports woke Marxist ideology and taxpayers should not be financially responsible for supporting movie productions that are associated with leftists. Furthermore, government should not intervene in the marketplace by selectively granting tax incentives to specific industries.