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Why is he toying with their tax breaks for a measly potential $10 million? Why does he think it's worth $10 million towards the budget to lose the revenue, economic stimulus, and jobs brought to NJ by the movie/television/digital media industry? Is he that dumb? And why are Republicans in the House supporting this stupid idea? I thought Republicans were pro-business?
I watched the hearings on NJN for well over an hour - Republicans wanted to drive this industry out of NJ, Democrats wanted to keep them here by preserving the tax cut.
According to both Bill Pascrell and NBC Universal's chief tax counsel Brian O'Leary, NJ's tax credit is lower than other states' tax breaks, but NJ can get away with it due to NJ being such an ideal place to film and the rich crew and support talent here. However, if tax credits can't be relied upon then industry decision makers will make the business decision to film in other states (or provinces) where they can count on the incentives.
Law & Order SVU has filmed in North Bergen for 11 years and is now leaving due to this ridiculous suspension of the tax credit. They most likely will go to Toronto according to O'Leary.
Christie is apparently willing to cut off his nose to spite his face - he is no doubt entirely ego-driven at this point and doesn't care about NJ as much as he cares about getting approval from Republicans both state- and nationwide.
It's like someone who sells eggs for a living deciding to save expenses by selling a chicken - the small short-term savings by eliminating an essential investment will cost him multiple amounts of future revenue loss due to the loss of egg production.
Well if it is a measly $10 million surely the mega wealthy Hollywood types could forgo it to help NJ. How much does Tom Cruise make per picture? Don't the lefty Hollywood types want to pay their fair share?
Well if it is a measly $10 million surely the mega wealthy Hollywood types could forgo it to help NJ. How much does Tom Cruise make per picture? Don't the lefty Hollywood types want to pay their fair share?
That's the Republican mentality that is at the root of this huge mistake the Republicans and Christie want to make.
Sure, the mega-wealthy Hollywood types COULD afford it. Sure, NBC Universal COULD just pay it and it wouldn't kill them. But they don't HAVE to and they have stated outright that they are NOT GOING TO. They have no reason to do business with a state that wants to reneg on, delay, or eliminate tax credits when there are other states and provinces with proven track records of treating them fairly and offering better breaks.
They are already starting to vote with their feet. A film about Trenton is going to be produced in Pittsburgh. Law & Order SVU is most likely going to go to Toronto and take their money and jobs with them. For NBC Universal it is a wise decision and they will not hurt for it; only NJ will lose. And, by the way, when they move, that $10 million that Christie is looking to save will not be there to be saved anymore. And that's not to mention the hits we will take to our tax revenue, jobs (and the corresponding UI liabilities), and the ripple effect on the businesses that this industry infused with money (caterers, hotels, local services and utilities, etc.)
I thought you were more business saavy than to think that big businesses like those in the film industry just make decisions with no thought to the bottom line dollars-and-cents savings? Guess I was wrong...
That's the Republican mentality that is at the root of this huge mistake the Republicans and Christie want to make.
Sure, the mega-wealthy Hollywood types COULD afford it. Sure, NBC Universal COULD just pay it and it wouldn't kill them. But they don't HAVE to and they have stated outright that they are NOT GOING TO. They have no reason to do business with a state that wants to reneg on, delay, or eliminate tax credits when there are other states and provinces with proven track records of treating them fairly and offering better breaks.
They are already starting to vote with their feet. A film about Trenton is going to be produced in Pittsburgh. Law & Order SVU is most likely going to go to Toronto and take their money and jobs with them. For NBC Universal it is a wise decision and they will not hurt for it; only NJ will lose. And, by the way, when they move, that $10 million that Christie is looking to save will not be there to be saved anymore. And that's not to mention the hits we will take to our tax revenue, jobs (and the corresponding UI liabilities), and the ripple effect on the businesses that this industry infused with money (caterers, hotels, local services and utilities, etc.)
I thought you were more business saavy than to think that big businesses like those in the film industry just make decisions with no thought to the bottom line dollars-and-cents savings? Guess I was wrong...
Ah now you are thinking like a conservative. That is why we should not raise taxes on the wealthy in NJ! So hopefully the left will finally see the light and see exactly how job killing taxes are. Either on individuals or corporations.
By the way I happen to agree it is foolish to do away with the tax credit.
Location: The place where the road & the sky collide
23,814 posts, read 34,684,299 times
Reputation: 10256
Quote:
Originally Posted by BergenCountyJohnny
That's the Republican mentality that is at the root of this huge mistake the Republicans and Christie want to make.
Sure, the mega-wealthy Hollywood types COULD afford it. Sure, NBC Universal COULD just pay it and it wouldn't kill them. But they don't HAVE to and they have stated outright that they are NOT GOING TO. They have no reason to do business with a state that wants to reneg on, delay, or eliminate tax credits when there are other states and provinces with proven track records of treating them fairly and offering better breaks.
They are already starting to vote with their feet. A film about Trenton is going to be produced in Pittsburgh. Law & Order SVU is most likely going to go to Toronto and take their money and jobs with them. For NBC Universal it is a wise decision and they will not hurt for it; only NJ will lose. And, by the way, when they move, that $10 million that Christie is looking to save will not be there to be saved anymore. And that's not to mention the hits we will take to our tax revenue, jobs (and the corresponding UI liabilities), and the ripple effect on the businesses that this industry infused with money (caterers, hotels, local services and utilities, etc.)
I thought you were more business saavy than to think that big businesses like those in the film industry just make decisions with no thought to the bottom line dollars-and-cents savings? Guess I was wrong...
You're absolutely right, Johnny. If they don't go to Toronto, my bet is North Carolina. If Gov Perdue gets wind of this, she'll probably make some personal calls. Bev wasn't kidding when she said that she'd drive to Columbia to pick up the Fed. Stimulus money that the numbskull governor of South Carolina said he didn't want.
The show will likely head across the Hudson River to New York City. It's currently examining the viability of moving production to the Chelsea Piers studios where the recently canceled "Law & Order" was shot, the individual said.
They have the studio in NYC. NY costs are no less than NJ. MSNBC got huge breaks and after failing to complete the terms of the tax breaks, picked up and left. They were arrogant and far from a benefit to the town.
The days are numbered for the show in any case. After 11 years its run the course.
Quote:
If they don't go to Toronto, my bet is North Carolina.
Like the tax breaks they would have gotten are going to be more than the cost of moving across the country losing more of the staff and crew.
Location: The place where the road & the sky collide
23,814 posts, read 34,684,299 times
Reputation: 10256
Quote:
Originally Posted by rscalzo
Media quote..
They have the studio in NYC. NY costs are no less than NJ. MSNBC got huge breaks and after failing to complete the terms of the tax breaks, picked up and left. They were arrogant and far from a benefit to the town.
The days are numbered for the show in any case. After 11 years its run the course.
Like the tax breaks they would have gotten are going to be more than the cost of moving across the country losing more of the staff and crew.
Crew, maybe. The cast will go where the show is shot.
10 Mill is not worth the negative perceptions they would exploit out of this state for their profit (and personal enjoyment) anyway.
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