After the announcement that Paramount signed a 10-year lease agreement at 1888 Studios in Bayonne, the New Jersey Economic Development Authority (NJEDA) board designated the global media company as a studio partner under the state’s Film and Digital Media Tax Credit program during its Oct. 30 meeting.
As a studio partner, Paramount would be eligible for a 40% base tax credit for qualified production expenses on future N.J. film and television projects.
“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 Governor 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.”
“Paramount’s long-term commitment to New Jersey is a testament to our rising position as a national leader in film and television production,” said NJEDA Chief Executive Officer Tim Sullivan. “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.”
“Scaling our production and expanding our slate of world-class entertainment is central to our long-term strategy,” said Andy Gordon, chief strategy officer and chief operating officer, Paramount. “We’re thrilled to invest in the United States and in the region and lean into our creative momentum to spark economic growth.”
“We’re deeply grateful for the support and partnership of Gov. Murphy, Senator 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 before for production as we work together to create new jobs and empower more domestic production for America’s creative workforce.”
1888 Studios, developed by Togus Urban Renewal, LLC, will stand as the largest and first campus-style film and television studio facility in the Northeast and one of the largest in the nation, occupying 58 acres of land just miles from New York City.
The development will include 23 mega-powered smart sound stages, more than 350,000 square feet of production support space, outdoor backlot space, amenities, office spaces, mills, lighting and grip facilities and a parking garage. The development will also feature a waterfront park and promenade accessible to the public.
Last year, the NJEDA designated 1888 Studios as a Film-Lease Partner Facility, which commits the developer to occupy the facility for at least five years and grants future tenants’ eligibility to apply for increased tax credits for projects filmed at the facility. The NJEDA also approved 1888 Studios for tax credits under the Aspire Program to support the studio’s construction and development.
