Following the announcement earlier this week that Paramount will lease space at 1888 Studios in Bayonne, the New Jersey Economic Development Authority (NJEDA) Board has designated the global media company as a Studio Partner under the state’s Film and Digital Media Tax Credit program. As a Studio Partner, Paramount would be eligible for a 40% base tax credit for qualified production expenses on future New Jersey film and television projects.
Paramount is a leading, next‑generation global media and entertainment company with a portfolio that unites legendary brands, including Paramount Pictures, Paramount Television, CBS, CBS News, CBS Sports, Nickelodeon, MTV, BET, Comedy Central, Showtime, Paramount+, Pluto TV, and Skydance’s Animation, Film, Television, Interactive/Games, and Sports divisions.
“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 Gov. 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.”
Earlier this week, 1888 Studios announced that Paramount signed a minimum 10-year lease to occupy more than 285,000 square feet of production space on 1888 Studios’ future Bayonne campus.
On Tuesday, Oct. 28, Andy Gordon, chief strategy officer and chief operating officer, for Paramount said, “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.”