When Governing Magazine doesn't like a big-government tax scheme, you know it's really bad news. Take, for example, corporate welfare for motion picture productions:
"During the past fiscal year, according to a recent study, New Mexico granted $38.2 million in tax rebates for TV and movie production, but in return saw only enough increase in economic activity to generate $5.5 million in public revenue. "For every one dollar in rebate," the study concluded, "the state only received 14.44 cents in return.""
"Over the past five years, all but 10 states and some cities have created film-incentive programs. This has spread production around, but no one has come up with a formula that can be shown to provide a net economic benefit for the state or locality itself."
As if on cue, Kentucky is getting in on the act with Rep. Tommy Thompson's pre-filed effort to match New Mexico.
7 comments:
Amen! That is one reason I am against the bill. If they can not show a return on our investment, and a significant one at that (better than 14 cents on the dollar), then it is a loss. When you figure in time spent processing the applications for the rebate, I'm very sure that 14 cents on the dollar will drop back down to just barely over what we would stand to gain in net sales tax as it is.
But the movie production industry is so used to showing up hat in hand and saying "if you want us to come to your state, give us money", that it is ridiculous. Rep. Mark Dayton attempted several years ago to attach an amendment to the JOBS act at the federal level, that would have given movie theaters as much as a 50% rebate towards the costs of providing captioned movies for the deaf and hard of hearing. I was against that one too, as much as I would like to have captioned movies in Kentucky, for the simple reason that they did not show that the low purchase price of installing these systems could not be adequately recouped through the increase revenue stream from new customers coming to the movies. The National Association of Theater Owners championed that amendment and touted it, but luckily it was removed prior to the passage of the JOBS act.
Eddie
Of interest, here are 3 other examples of why this is potentially bad. Louisiana, Rhode Island, and Ohio. Read some of the numbers that are staggering in what the net effects on their state budgets will be. And just imagine how bad it would be here in Kentucky.
http://www.projo.com/news/content/FILM_TAX_CREDIT_08-12-08_ALB5IV1_v12.412297f.html (Rhode Island)
http://blog.nola.com/times-picayune/2007/12/states_film_incentive_program.html (Louisiana)
http://news.cincinnati.com/article/20081217/NEWS0108/812170366/1055/NEWS (Ohio)
Pay particular attention to the one in Louisiana that led to corruption. How long do you think it would take before some starry-eyed Frankfort politico got tangled in a web such as that?
Eddie
Thanks Eddie.
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