Senate Republican Leader Tom Kean announced legislation to bring world-class entertainment to New Jersey by helping Atlantic City and its casinos, which have shut doors, cut thousands of jobs and, according to new data [1], lost nearly half of their revenues over the past eight years.
Legislation announced by Sen. Tom Kean would bring top entertainers to Atlantic City and all of New Jersey by exempting performance-related income earned in the state from taxation if certain qualifications are met.
“We need to focus on ideas that can help Atlantic City along with the entire state,” Kean said. “We can positively change Atlantic City’s image to be more attractive, widely accessible and entertainment-based, while enhancing job and economic growth opportunities at and around entertainment venues across New Jersey.”
Senator Kean’s legislation, to be introduced at the next Senate quorum, would consistently attract A-List performers to the Garden State. Qualifying entertainers who perform at least four dates in Atlantic City’s tourism district would not have to pay state income taxes on any income they earn performing at any New Jersey venue in the same calendar year.
Some of the entertainment venues outside of Atlantic City that could benefit from this legislation include the Prudential Center, Izod Center, New Jersey Performing Arts Center, PNC Bank Arts Center, Sun National Bank Center and Susquehanna Bank Center.
“This legislation will help make Atlantic City a consistent worldwide draw for people to see the top performers, artists, celebrities and athletes,” Kean said, noting that people from New Jersey and across the world flock to Las Vegas to experience part of Britney Spears’s months-long stint, which has generated at least $20 million [2] for a formerly struggling business there, while helping with jobs, overall tourism and state revenues.
“This bill will naturally enhance and transform the marketing and publicity for Atlantic City. It means more jobs, development, tourism and revenues for the city and state,” he said. “It will also open up positive economic opportunities in other venues across New Jersey. The net benefits will be extraordinary.”