Netflix is set to receive substantial tax breaks for the construction of a new production studio in Monmouth County. The streaming giant will have access to a $150-million pool of tax incentives, as announced by the New Jersey Economic Development Authority. The incentives are contingent on Netflix maintaining their Fort Monmouth production campus for a minimum of ten years. If this condition is met, the company will be eligible for a 40-percent base tax credit for all future movie or TV shows produced in New Jersey.
The new production complex, which includes 12 sound stages, is expected to be completed by 2028. Netflix plans to invest approximately $850 million in the project, which will span nearly 300 acres.
The tax breaks are part of an effort by New Jersey to attract long-term commitments from studios, with the expectation of creating thousands of jobs. Netflix Co-CEO Ted Sarandos expressed gratitude towards Governor Phil Murphy and his administration for their commitment to the project, stating that it brings New Jersey one step closer to becoming an international center for studio production.