TRENTON — The Legislature should wait until a report studying the effectiveness of New Jersey’s defunct tax credits for movie companies is completed before resuscitating the program, Assemblyman David W. Wolfe, said Thursday.
“Many states that subsidize television and movie production are pulling the plug because the funding is unsustainable and the benefits are dubious,” said Wolfe, R-Ocean and Monmouth, a member of the Assembly Budget Committee. “Perhaps New Jersey’s experience has been different, but we should wait for a subjective report to have an answer whether this program creates jobs here.”
The Assembly Budget Committee released a measure, A-2905, that would reinstate and expand New Jersey’s tax credits for film and digital media production that were suspended last year as part of Gov. Christie’s plan to fix the state’s financial problems. Wolfe sponsored the legislation to suspend the credit and abstained from Thursday’s vote because a report studying the issue, required by his legislation before the next year’s budget is prepared, has not been completed.
“This credit may be a blockbuster for New Jersey taxpayer’s, but it could be a bomb,” Wolfe said. “It’s premature to decide that now based purely on speculation. We will have a definitive report on the matter in the coming months. If the report says the credits make sense, then and only then, should we consider bringing them back as we work on next year’s budget.”
Connect with NJTODAY.NET
Join NJTODAY.NET's free Email List to receive occasional updates delivered right to your email address!