The Live Theatre Tax Credit Bill (S3503) aims to augment New Jersey's arts and entertainment industry by incentivizing commercial live entertainment producers to choose our state as a destination for launching pre-Broadway productions and/or national tours, through mutually beneficial partnerships with New Jersey nonprofit theaters. With the recent film tax credit as a percent, the live theatre tax credit will be crucial for enhancing New Jersey's competitiveness with neighboring states, and has the potential to boost New Jersey’s economy by generating jobs, increasing local, regional, and out-of-state tourism, and ensuring that it remains a vibrant hub for live entertainment.
Key benefits of the bill:
- Job Creation & Revenue Generation
- Direct Investment in NJ Communities
- Tourism Boost
- Sustaining NJ’s Not-for-Profit Theatre Landscape
The need to compete is timely. Neighboring states across the East Coast have already enacted similar bills. With neighboring states now offering live theatre production tax credits, launching a similar program in NJ will keep the state competitive in attracting top-tier, large-scale productions. New Jersey will undoubtedly lose business and economic revenue to neighboring states if we do not act now to remain competitive
The Live Theatre Tax Credit Bill presents a unique opportunity to strengthen New Jersey's position as a premier destination for live entertainment and to support the growth of our arts and culture sector, as well as the state economy. The credit will allow New Jersey to remain competitive with neighboring states, and to make sure that the state does not lose out on the major economic engine that these types of partnerships have been proven to produce in other areas of the country.
