Netflix Studio Project Approved for Tax Credits by NJEDA Board

The Netflix Studio Project at Fort Monmouth has been approved for Aspire tax credits by the NJEDA Board, bringing exciting new opportunities to the local area. This state-of-the-art production studio campus is expected to create thousands of jobs and stimulate the regional economy.

Governor Phil Murphy praised the project, saying, “With Netflix leading the way, the creation of new, world-class studios has solidified New Jersey’s standing as a national leader in film and television production.” The approval for Aspire tax credits will support small businesses, vendors, and job creation in the area.

The Netflix Studio is a transformative project under the Aspire Program and has been approved for an award not to exceed $387 million. The studio will be located on a 292-acre parcel at Fort Monmouth and will include 12 soundstages, backlot areas, an office building, and other production support facilities. The full facility is expected to open in 2028.

Netflix was designated as a Studio Partner earlier this year, allowing the media company to access expanded benefits under the state’s Film and Digital Media Tax Credit program. This designation agreement commits Netflix to occupy a New Jersey film production facility for at least 10 years and makes them potentially eligible for a 40 percent base tax credit for qualified production expenses on future New Jersey film projects.

Netflix co-CEO Ted Sarandos expressed gratitude for the support from Governor Murphy, local officials, and the NJEDA, emphasizing the positive impact the new studio will have on job creation and economic growth in the area. This project marks a significant investment in the local economy and highlights New Jersey’s growing prominence in the film industry.

Senator Vin Gopal praised the project for its potential to create jobs, support small businesses, and revitalize communities in New Jersey. The bipartisan support for the Netflix Studio Project underscores the importance of this initiative for the state’s economy and local communities.

The Aspire Program, created under the New Jersey Economic Recovery Act of 2020, aims to support mixed-use, transit-oriented development projects with tax credits to fill financing gaps. Projects like the Netflix Studio and 1888 Studios represent the state’s commitment to economic development and job creation.

The NJEDA remains committed to fiscal responsibility and transparency in awarding tax credits through the Aspire program. With provisions in place for gap financing review and excess revenue sharing requirements, the program ensures that tax credits are awarded responsibly and in line with the state’s economic development goals.

The Netflix Studio Project at Fort Monmouth is a major milestone for New Jersey’s film industry, bringing new opportunities for job creation, economic growth, and community revitalization. The support and collaboration from state and local officials highlight the importance of this project for the region’s future.