NJ to lure Web technology |
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Mon, 30 Apr 2007 21:20
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TRENTON, N.J. (AP) - New Jersey is hoping tax credits will lure more Internet businesses, a plan that has gained support from major technology and production companies.State senators on Monday proposed giving Garden State-based companies a tax credit that would equal 20 percent of the cost they incur creating material for public Internet display. The proposal has been endorsed by the Motion Picture Association of America, NBC Universal and Cisco Systems, among others.'New Jersey is committed to taking a leadership role in the new economy and we are serious about supporting the growth of digital media in our state,' said Sen. Paul Sarlo, D-Bergen, the bill sponsor.Sarlo and Sen. Joseph Kyrillos, R-Monmouth, proposed offering the credit to companies that spend at least $2 million on production expenses in the state. Eligible expenses would include wages and salaries, production costs, and facility and equipment rental costs.Sarlo said a study by Ernst and Young showed benefits of the plan will outweigh money lost through the credit in the first five years.Specifically, it would attract more than 4,350 new high-wage jobs, $311 million in new wages, and $1 billion in economic output by businesses relocating and expanding in New Jersey.Vans Stevenson, senior vice president of Motion Picture Association of America, said the legislation would put New Jersey 'at the forefront of attracting the fast-growing and dynamic digital media industry.'Jon Eck, chief information officer for NBC Universal, said the bill would make New Jersey 'an inescapable location for companies to invest in their digital futures.'No hearings have been scheduled on the bill, but Sarlo said he hopes it passes the Legislature by June's end.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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