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re: La. issued 251 million in tax credits in 2013.
Posted on 6/2/14 at 1:55 pm to Bard
Posted on 6/2/14 at 1:55 pm to Bard
quote:
I'm not trying to be argumentative (I could give a rat's arse either way), I just am having trouble following the logic here
No problem
quote:
So your contention is that if these tax incentives weren't in place there would still be the same amount of filming going on?
No doubt the tax credits bring more movie business to La. That can not be argued, it's a fact.
quote:
Is the state allotting each film company a certain amount of money from the state coffers or is they just paying less in taxes?
This is the 64 million dollar question.
The state allows the movie companies a tax credit of 30% of what they spend in La. In 2013 the article says the movie companies spent 820 million (rounded off) in La. and thus the 250 million in tax credits.
But here's the rub, the tax credits can be used to lower the movie company's taxes, they can be sold to any person wanting to lower their La. tax burden or they can be sold back to the state for cash.
The state auditor has reported that the program results in a big LOSS to the state treasury to the tune of 170 million in 2010 (197 million in tax credits and 27 million in subsequent tax receipts).
Here's a link to the article with that information, and other good info about the program. LINK
The program certainly stimulates the economy, but not nearly enough to pay for itself or even come close.
Posted on 6/2/14 at 2:42 pm to doubleb
quote:
But here's the rub, the tax credits can be used to lower the movie company's taxes, they can be sold to any person wanting to lower their La. tax burden or they can be sold back to the state for cash.
That makes no fricking sense at all and is infuriating if true. Why the hell would a system be set up this way instead of just taking the cost out of the taxes filed at the end of the year?
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