PRIETO: REDUCING FILM PRODUCTION TAX CREDITS IS PENNY-WISE & POUND FOOLISH POLICY

State Gains $15 Million at a Loss of Tens of Millions

(TRENTON) — Assemblyman Vincent Prieto (D-Hudson) issued the following statement Monday on the reduction of film and digital media production tax credits in Gov. Christie’s FY 2011 Budget:

“Gov. Christie and the Republicans love to complain about New Jersey being bad for business.

“Yet, with a single piece of legislation, they have made the state just that and, in the process, have threatened to drive an entire segment of the state’s business population — the film industry — to other states with friendlier business tax credits.

“To save $15 million in this year’s budget, Gov. Christie and the Republicans are willing to sacrifice the tens of millions of dollars that independent films and network television productions pump into our state economy.

“At a time when our flagging economy is just beginning to show signs of new life, the last thing we need is this penny-wise and pound foolish policy coming from the Republicans.”

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