State Film Credits
Today’s newsletter from the Heartland Institute covers research & commentary about film tax credits, which many states “are increasingly interested in expanding,” hoping to bring “Hollywood” to legislator’s home states, boost the economy, and bring in new jobs. (For a detail list of state film tax credits, including those in Minnesota, see State Film Incentives.)
However, the jobs and economic growth created by film productions with the help of such tax incentives are often overstated, according to a report produced by the New England Public Policy Center at the Federal Reserve Bank of Boston. “When film tax credits do hit their mark and induce more local film production, the resulting stimulus to overall economic activity appears to be rather modest.”
Hence the commentary goes -- “Rolling out a red carpet full of taxpayer dollars in exchange for the fleeting glitz and glam of Hollywood is no substitute for sound fiscal policy.”
The newsletter provides a list of related links, which would be good for discussion in my PA5113 some day:
• States' Film Production Incentives Cause Jitters
• Tax Credits for the Motion Picture Industry
• Roll the Credits and the Tax Incentives
• Hollywood East? Film Tax Credits in New England
• Film Tax Credits: Lower Taxes for Celebrities ...
• Legislators' Hollywood Dreams Defy Economic Reality
• Reviews for State's Film Tax Credit Aren't Good
• Indiana Film Incentives Fail to Attract Filmmakers So Far
• How Your Tax Dollars Are Subsidizing a Film Industry...