TAX NEWS - June 2010

New Jersey Tax: Entertainment industry wants film tax credit saved after Gov. Christie proposed elimination

The entertainment industry is hoping its pitch to save New Jersey's film tax credit meets with good reviews from the governor's office.

Producers, actors and others involved in "Law and Order: Special Victims Unit" and "Mercy," two series that film in the Garden State, spoke today at a public hearing held by state Senate Budget Committee Chairman Paul Sarlo.

The hearing was held in the Secaucus warehouse where "Mercy" was filmed.

Industry representatives say New Jersey's 20 percent tax credit has attracted millions of dollars in business and tax revenue to the state that would otherwise have gone to states that provide better incentives.

New Jersey has offered the tax break since 2006, but Christie's proposed budget would eliminate it on July 1.