TRENTON – 36th District Senator Paul Sarlo announced today a major legislative initiative designed to draw high-technology, high-growth digital media business to the State.
The legislation, S-2526, is the centerpiece of Senator Sarlo’s (D-Wood Ridge) digital media growth strategy that will help create thousands of high-wage jobs and millions of new wage dollars for New Jersey resulting in substantial tax revenues for the State.
“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 Senator Sarlo.
“I am proud to support Senator Sarlo’s efforts to build our economy through thoughtful incentive programs targeting the type of business activity that translates into high wage jobs for our residents,” said Senator Joseph Kyrillos, (R-Middletown), a co-sponsor on the bill.
Using many of the same statistical models and research methods employed by state and local governments across the country, global business analysts Ernst and Young project S-2526 in the first five years after becoming law will generate:
* More than 4,350 new high-wage jobs;
* In excess of $311 million in new wages for New Jersey residents;
* Almost $1 billion dollars of total economic output by businesses relocating and expanding in New Jersey.
The program will also generate tax revenues for New Jersey and local governments that will exceed the amount of credits issued in year five, for example, by almost sixteen million dollars.
Representatives from several major industries including the American Electronics Association, the Motion Picture Association of America, NBC Universal, Cisco Systems, and the New Jersey Institute of Technology (NJIT) participated in a press conference with the Senator to demonstrate support of the bill that would offer a digital media tax credit to companies who locate their digital media businesses in New Jersey.
“Senator Sarlo’s ground-breaking piece of legislation puts New Jersey at the forefront of attracting the fast-growing and dynamic digital media industry,” said Vans Stevenson, Senior Vice President, Motion Picture Association of America.
“This bill will act as a catalyst for creating a high tech/creative arts digital media cluster in New Jersey, something foreign jurisdictions used with great success for enriching the lives of their residents and academic communities while bolstering their economies,” said Linda Klose, Executive Director, American Electronics Association.
“As the business community pushes to produce digital content of the quality and volume that end users expect, S-2526 makes New Jersey an inescapable location for companies to invest in their digital futures,” said John Eck, President, Media Works, and Chief Information Officer, NBC Universal.
“In addition to spurring high wage digital media job growth, S-2526 will also provide an added boost for the New Jersey economy by increasing demand for broadband and digital distribution technologies,” said Michelle Wright Conn, Vice President, Cisco Systems.
“New Jersey has a rich history as the birthplace of modern landline and broadcast communications technology,” said Dr. Donald Sebastian, Sr. Vice President For Research and Development, NJIT. “It makes a world of sense for our State to anchor the digital media industry as heir to this great legacy. Senator Sarlo’s legislation is a key part of a business attraction strategy that along with our technical workforce, IT-savvy educational programs, and research activities across the spectrum of supporting technologies will combine to give New Jersey an ‘unfair’ competitive advantage in the global competition to capture jobs in the knowledge economy.”