Written by on Jun 7, 2010. Posted in Incentive News

Meeting this week could decide fate of New Jersey filming incentive

A meeting is scheduled for Wednesday this week in New Jersey that could lead to the state’s Film and Digital Media Tax Credit Program being halted for the next fiscal year.

The scheme was launched in 2007 as a 25% transferable tax credit for film and TV productions filming in the state. However, the budget for the fund was reduced by nearly 50% last year.

Sharon Pickenson, Executive Director of the Greater Philadelphia Film Office, recently said that the state’s budget for the programme has run out.

On Wednesday this week (June 9th) the Senate Budget and Appropriations Committee will convene in Secaucus and will hear from businesses and individuals who depend on the scheme. The meeting will inform a decision about whether to suspend the programme for the 2011 fiscal year.

According to NBC Philadelphia, the scheme has generated USD300 million for the state since its launch.

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