Streaming giant Netflix has secured substantial tax breaks for its ambitious project to establish a new production studio in Monmouth County, New Jersey. The state has granted the company access to $150 million in tax incentives, bolstering Netflix’s investment in the region. This development is part of a strategic initiative to expand Netflix’s production capabilities on the East Coast.
The new studio, located on nearly 300 acres in Fort Monmouth, will feature 12 state-of-the-art sound stages and is scheduled for completion by 2028. New Jersey officials have structured the deal to ensure long-term benefits, stipulating that Netflix must maintain operations at the Fort Monmouth facility for at least ten years to qualify for a 40-percent base tax credit on future projects filmed in the state.
This substantial investment, estimated at around $850 million, underscores Netflix’s commitment to expanding its production footprint. The tax incentives are designed to stimulate local economic growth by creating jobs, boosting the local economy, and establishing New Springdale as a significant hub for film and television production. As Netflix continues to grow its library of original content, the new studio in New Jersey will play a crucial role in supporting the company’s creative and operational needs.
