SENATOR SARLO VOWS TO RENEW PUSH FOR DIGITAL MEDIA TAX CREDIT

Lawmaker Says Tax Credit Incentive a Good Move in Bad Economy

RUTHERFORD – Citing the faltering national economy and fiscal uncertainties here at home, Senator Paul A. Sarlo announced today at the opening of the Bergen County Film Festival at the Williams Center for the Arts in Rutherford that he would renew his push for a bill he sponsored last session which would offer tax credit incentives to digital media production companies seeking to relocate to New Jersey. A scaled-back version of the bill was signed into law in January after Governor Corzine expressed concerns.

“With Wall Street in crisis and New Jersey reeling from a national recession, now’s the right time to talk about encouraging economic growth and private investment in the Garden State,” said Senator Sarlo, D-Wood-Ridge. “At a time when we need to be seeking ways to grow our State’s economy, an incentive program for a booming high-tech industry makes sense. In the next few weeks, I will renew the push for the digital media tax credit to keep New Jersey economically competitive and at the cutting edge of today’s high-tech marketplace.”

SARLO DIGITAL MEDIA TAX CREDIT BILL APPROVED BY SENATE

TRENTON – A bill sponsored by Senator Paul A. Sarlo which would offer tax credit incentives to digital media production companies to relocate to New Jersey was approved by the Senate today by a vote of 21-16, conforming to the Governor’s conditional veto of the bill.

KYRILLOS CONFIDENT GOVERNOR WILL SIGN DIGITAL MEDIA BILL

Measure will create jobs, feed economy and bring business back to New Jersey

      Senator Joe Kyrillos (R-Monmouth/Middlesex) issued the following statement after reading reports that Governor Corzine is hesitant to enact legislation that would provide a corporation business tax credit for certain digital media companies:

SENATOR SARLO ANNOUNCES NEW STATISTICS HIGHLIGHTING NEED FOR DIGITAL MEDIA TAX INCENTIVES

TRENTON - Today, Senator Paul A. Sarlo said a new report by an international accounting firm cites benefits, including millions in State revenue and thousands of high-paying jobs for New Jersey residents, which "more than justify" enacting his legislation to create a digital media tax credit that will draw in new high-tech, high-growth firms to the State.

SARLO DIGITAL MEDIA TAX CREDIT PROPOSAL APPROVED BY SENATE COMMITTEE

TRENTON - A bill sponsored by Senator Paul A. Sarlo which would offer tax credit incentives to digital media production companies to relocate to New Jersey was unanimously approved by the Senate Budget and Appropriations Committee today.

SARLO DIGITAL MEDIA TAX CREDIT BILL ADVANCES IN ASSEMBLY

TRENTON - A bill sponsored by Senator Paul A. Sarlo which would offer tax credit incentives to digital media production companies to relocate to New Jersey was approved by the Assembly Telecommunications and Utilities Committee today.