COUTINHO: CHRISTIE TAX CREDIT ELIMINATION PUTS ‘CLOSED FOR BUSINESS’ SIGN ON NEW JERSEY

(TRENTON) – Assembly Commerce and Economic Development Chairman Albert Coutinho (D-Essex) released the following statement Monday after the committee heard testimony on the economic impact of eliminating the film and digital media tax credit and released a bill that would restore and expand the tax credit in 2012:

“When an executive vice presidents warns that eliminating this tax credit would be place a ‘Closed for Business’ sign on New Jersey, that causes me great concern.
“Consider this – because of the tax credit elimination, ‘Law & Order: Special Victims Unit’ left its longtime home in North Bergen.
“That show’s production unit alone pumped $55 million annually into the state’s economy.
“We forever lost that annual revenue just to save $10 million for one year.
“That is the worst kind of short-sighted thinking.
“It’s naive to think that New Jersey, facing competition from other states, will continue to see films and television shows – and the business, revenue and jobs they bring – without this tax credit. If we are truly serious about building a strong economy and investing in job creation, Gov. Christie needs to find a way to restore this tax credit.”