Movie Industry Could Lose Jersey Tax Credits [AUDIO]
Tax credits go to movies and TV production companies to lure them to the Garden State, but those breaks are set to expire next summer, unless Trenton moves to extend them.
Productions in New Jersey, who meet criteria that include spending 60 percent of their budget here, get a 20 percent tax credit. But after fiscal year 2015, which expires on July 1st of 2014, those tax breaks expire.
Atlantic City casting director Ursula Ryan says there’s a lot at stake here.
“We’ve got to get back to the film credits. We’ve got to give them tax credits in order to entice them to come into the State of New Jersey, so we get out from under financially. Because there is so much money to be made in this industry,” Ryan explained.
Ryan says the state has dropped off in film and TV production since 2010.
Gov. Christie suspended the credit program in 2010 for budgetary reasons, and blocked the “Jersey Shore” production’s credit in 2009 for personal reasons.
But Ryan says, without those tax breaks, the movie production will wind up in the laps of Jersey’s neighbors, aka New York and Philadelphia.