Paramount has been named a Studio Partner by the New Jersey Economic Development Authority (NJEDA) Board, making it eligible for a 40 percent base tax credit on qualified production expenses for future film and television projects in the state. This follows Paramount’s recent agreement to lease more than 285,000 square feet of space at 1888 Studios in Bayonne.
Governor Phil Murphy commented on the decision, stating: “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. 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.”
Tim Sullivan, Chief Executive Officer of NJEDA, said: “Paramount’s long-term commitment to New Jersey is a testament to our rising position as a national leader in film and television production. Since he took office, Governor 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.”
Andy Gordon, Chief Strategy Officer and Chief Operating Officer for Paramount, added: “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. We’re deeply grateful for the support and partnership of Governor 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.”
The new studio campus at 1888 Studios will be developed by Togus Urban Renewal LLC. It will become one of the largest facilities of its kind in the country with 23 sound stages on 58 acres near New York City. The development also includes over 350,000 square feet of production support space along with amenities such as outdoor backlot areas and public waterfront access.
Arpad “Arki” Busson, Chairman of Togus Urban Renewal LLC said: “1888 Studios proudly congratulates the NJEDA and Paramount on the authority’s official certification of Paramount as the recipient of New Jersey’s final Studio Partner designation, following their minimum 10-year lease of over 285,000 square feet at our state-of-the-art campus in Bayonne. This landmark recognition underscores both the growing vitality of New Jersey’s entertainment industry and the unmatched potential of 1888 Studios’ purpose-built, all-inclusive film and television production campus… Together we have created a long-term stable environment through 2049 tailored to all storytellers and to benefit our broader New Jersey communities.”
The Film and Digital Media Tax Credit Program was expanded in 2021 so that up to three eligible companies could receive Studio Partner status if they commit long-term occupancy at large studio developments within New Jersey. These partners gain access to an exclusive $150 million incentive pool under this program while being able include additional salaries as part their awards. Lionsgate (in Newark) and Netflix (at Fort Monmouth) are other companies designated under this initiative.
Recent data from NJEDA shows that filmmaking spending reached $833 million statewide in 2024—surpassing previous records—which reflects continued growth since Governor Murphy reinstated tax credits for film productions beginning in 2018.
