Film Group Fights Tax Credit Cap
A group of film industry representatives and professionals will testify against the rollback of the state's film tax credit today before the state Joint Committee on Revenue.
Film industry employee unions, academics and several people who work in or own film-related businesses plan to argue that bringing the tax credit back to 2006 levels would cut local film production by 80 percent, according to the Massachusetts Production Coalition.
A House version of the bill would cap the credit at $7 million per production. Currently, a production is only required to spend at least $50,000 in the state.
The coalition claims the film tax credit is responsible for $1.1 billion in economic activity in the state and only costs the state $0.10 for every $1 of economic activity it creates.
The credit exempts motion picture production companies from sales and use taxes and provides a 25 percent payroll tax credit and a 25 percent production tax credit.
WBJ Web Partners
Most Recent
0 Comments