Form 327 Film and Digital Media Tax Credit - New Jersey

What Is Form 327?

This is a legal form that was released by the New Jersey Department of the Treasury - a government authority operating within New Jersey. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form 327?
A: Form 327 is a tax credit form in New Jersey specifically designed for the Film and Digital Media industry.

Q: Who is eligible for the Film and Digital Media Tax Credit?
A: Eligible applicants include production companies, studios, and other entities engaged in film or digital media production in New Jersey.

Q: What expenses can be claimed on Form 327?
A: Qualifying expenses eligible for the tax credit include expenses related to pre-production, production, and post-production activities.

Q: How much is the tax credit?
A: The tax credit is up to 30% of the qualified expenses incurred in New Jersey.

Q: What is the application process for the Film and Digital Media Tax Credit?
A: Applicants must submit Form 327 and all required supporting documentation to the New Jersey Motion Picture and Television Commission.

Q: Are there any limitations or caps on the tax credit?
A: Yes, there is a cap on the annual amount of tax credits that can be awarded, and the tax credit cannot exceed 25% of the total budget of the project.

Q: Is there a deadline for submitting the Form 327?
A: Yes, the form must be submitted within 6 months from the completion of the qualified project.

Q: Can the tax credit be transferred or sold?
A: Yes, the tax credit can be transferred or sold to other New Jersey tax paying entities.

Q: What are the reporting requirements after receiving the tax credit?
A: Recipients of the tax credit must submit an annual report to the New Jersey Economic Development Authority.