Ridgewood film festival
NJ lawmakers want more tax breaks for movie, TV studios
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. (Friedman/Star-Ledger)
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