TRENTON – State Treasurer Andrew Sidamon-Eristoff defended the administration’s stance against New Jersey film tax credits, calling the incentives “a race to the bottom” for states.
The treasurer was prompted to discuss film tax credits by two Assembly Democrat lawmakers, who asked whether the incentives helped the state and questioned Gov. Chris Christie’s opposition to the program.
“Please, let’s not be naive about this,” Sidamon-Eristoff said. “(The film industry is) very affective in attracting advocates. They are trying to get states to bid against each other … and, quite frankly, I don’t think New Jersey should be part of that game.”
Assemblymen Vincent Prieto, (D-32), Secaucus, and Gordon Johnson, (D-37), Englewood questioned the treasurer on the credits.
“We think they represent a high-profile race to the bottom,” Sidamon-Eristoff said. “The New Jersey film tax credit, at best, was a wash.”