NEW JERSEY: NJ Lawmakers want more tax breaks for movie & TV studios

Posted by:Kenneth Blaine onMay 6, 2014

NJ lawmakers want more tax breaks for movie, TV studios

TRENTON — Lights. Camera. Legislative action.
The state Senate’s Economic Growth Committee today approved a bill intended to make New Jersey more attractive to film and video production companies by expanding a tax credit program.
The bill (S1952) would remove a $10 million limit on incentives for film production, as well as a $5 million incentive cap on digital production.
The advance of the legislation by a vote of 4-0 comes less than a week after industry insiders, speaking on a panel at the Montclair Film Festival, said New Jersey is losing its appeal as a filming location because it is not offering competitive incentives.
Christine Peluso, an attorney with Tax Credits LLC – which helps studios secure tax credits – told lawmakers that incentives were her clients’ “number one consideration” when considering shooting locations.
“In order to attract filming, you have to have an incentive,” Peluso said.

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