A New Jersey Senate committee has advanced a bill designed to help draw more entertainment to Atlantic City and other cities across the state.
The legislation, sponsored by Senate Republican Minority Leader Tom Kean, R-Westfield, and State Sen. James Whelan, D-Northfield, would create a tax credit for so-called "A-list" performing artists that perform at least four dates in Atlantic City's tourism district. The qualifying artists would get a tax credit on all income they earn at performance venues in Atlantic City, Camden, Trenton, Newark and Holmdel in the same calendar year.
The New Jersey Secretary of State would set qualifying criteria for which artists qualify including record sales, tickets sold and awards with "a transparent application process" administered by the Director of the Division of Taxation.
Whelan and Kean noted that the bill is based largely on the experience of having more than 50,000 people pay to see hit pop rock band Maroon 5 in Atlantic City on Aug. 16, citing the potential to revive a city that is now in extreme financial distress under the control of an emergency manager. The seaside city faced a $101 million deficit for much of this year before its fiscal 2015 budget was finally approved on Sept. 22.
"There is tremendous value in the ability to consistently draw world-class entertainment here, especially considering widely successful A-Lister residencies in Las Vegas, where there's no state income tax," said Kean in a statement after the bill advanced Monday.
"The more than 50,000 fans who paid to see A-List performer Maroon 5 in August gives a glimpse of how Atlantic City can transform into a premier entertainment destination, drawing tourists from the most-densely populated northeast corridor; two of America's largest cities that are each less than two hours away; and from around the world via nearby international airports," Kean said.
"Big-name performers have the ability to attract fans who may not think of coming to Atlantic City," said Whelan. "Bringing them to our city will help pump revenue into the local and state economy, create jobs, and at no cost. This bill is a step in the right direction to revive Atlantic City."
