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Assembly Panel Approves Greenwald, Johnson & Moriarty Bill to Lure More Film & TV Productions to New Jersey to Spur Job & Revenue Growth
(TRENTON) - An Assembly panel on Monday approved legislation sponsored by Assembly Majority Leader Louis Greenwald and Assembly Democrats Gordon Johnson and Paul Moriarty to create a new incentive program to encourage more nationally distributed film and television productions to work from New Jersey.
According to the NJ Motion Picture and Television Commission, 946 projects were filmed in New Jersey during 2015, generating $62.5 million for the New Jersey economy.
"This legislation looks to build upon that investment, keep the Garden State competitive in this market place and boost job creation and revenue growth," said Greenwald (D-Camden/Burlington). "There is more competition then ever from other states and foreign countries that are looking to attract this industry. New Jersey's location provides a competitive edge and this bill looks to capitalize on that and ensure that we see continued growth in this area."
The bill (A-2256) would establish the New Jersey Film and Television Project and Employment Incentive Program, which would provide a 25 percent credit for qualified investment and labor costs associated with film and television projects working from New Jersey sets and studios.
"The revitalization of this tax credit will give New Jersey the shot in the arm it needs to once again attract film and television productions that have added so much to our economy in past years," said Johnson (D-Bergen). "We need to fix the mistake that was made when this credit was suspended and create a powerful economic development tool for our state."
The bill is derived from the original Film and Digital Media Tax Credit Program, which was created in 2005, but discontinued by Gov. Christie in 2011 after he took office.
"The restoration of this tax credit will significantly boost job creation and revenue for our state," said Moriarty (D-Camden/Gloucester). "It will also spur capital investments in our neighborhoods from the influx in talent that typically follows these industries. For communities like Camden and Atlantic City, that are just a stone's throw from Philadelphia, this is particularly important."
The legislation was approved by the Assembly Appropriations Committee.
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