NJ Movie and TV Tax Credit Bill Advances [AUDIO]
We could soon be hearing more directors yelling "action" in New Jersey. A Senate committee has approved a bill to provide tax credits to movie and television companies that shoot scenes in the Garden State.
"I think this will be a great revenue generator because when a film crew comes or a TV crew they bring along people who go to local restaurants (and) order food from local caterers," said bill co-sponsor, Senate Democratic Leader Loretta Weinberg (D-Teaneck). "This puts in up to $10 million to use for tax credits."
A competing bill would also offer tax credits, but would not put any limit on the amount that could be offered. That measure is also expected to include a test to ensure the credits will actually produce revenue for the state. Weinberg said her bill already has that.
"The film company doesn't get the tax credit until after they're finished filming and can fill out forms to show what kind of impact they had on the local economy," Weinberg said. "We're putting an extra level of regulation on film companies which I think safeguards what this bill will do in New Jersey."
The state may still have a long way to go before being truly competitive with our neighbors. New York currently offers more than $400 million in credits.