Lionsgate Films Partners with New Jersey!
The New Jersey Economic Development Authority (NJEDA) has announced that Lionsgate Films Inc. has been granted the first-ever "Studio Partner" designation under the Garden State Film and Digital Media Jobs Act.
The designation, which is one of only three available under the film and digital media tax incentive program, will allow Lionsgate to capture additional above-the-line wage and salary costs as qualified expenses in its application for tax credits.
Above-the-line wages and salary include payments made to high-paid individuals such as directors, producers, writers, and performers, and Lionsgate may include expenses of up to $15 million, $25 million, $40 million, or $60 million depending on the amount of qualified film production expenses involved in the project. In addition, $100 million of the allocation for film and digital media tax credits has been set aside for studio partners.
The Studio Partner designation was approved by the NJEDA Board and follows Lionsgate's decision to lease space at the Newark studio currently under construction by Great Point Studios. The studio complex, developed and operated by Great Point Studios, will be located on the former site of the Seth Boyden Housing complex in the South Ward section of Newark and is expected to cost over $194 million to construct and fit out the 350,000-square-foot development.
When complete, the project will include five production stages ranging from 20,000 to 30,000 square feet and will offer a full range of production services on site, including grip and electric equipment, props, set building, restaurants, location catering, cleaning service, and security. Once fully operational, it is anticipated that the studio complex will create over 600 new full-time jobs.
Great Point Studios and Lionsgate Films entered a ten-year six-month lease for a substantial portion of the Newark studio complex on September 15, 2022. Construction work on the studio complex began on September 16, 2022, and it is expected to be completed by September 2024.
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