NJ lawmakers want more tax breaks for movie, TV studios
Updated: Mar 27, 2021
Updated Mar 29, 2019; Posted May 05, 2014
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.
New York, by contrast, offers $420 million a year in credits.
New Jersey has had the incentives in place since 2005 under a law set to expire in 2015. Gov. Chris Christie suspended funding for the program for the 2011 budget year. But Erin Gold, a spokeswoman for the Economic Development Authority, said it was reinstated for the following years.