re: WSJ major opinion piece on film industry welfare--quotes Jindal

quote:

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Are you saying the state writes checks to the film industry in amount of 250 million? Whose budget does that come out of?

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Comes off the top. It is not even a line item.

We are obligated to redeem those credits at 85% of face value for cash or the holders can sell them to people with state tax obligations for cash if they want more than 85% which is the same effect as the state writing them a check. So yes we are writing the checks for about $250 million a YEAR. Over $1 billion since Jindal dramatically enhanced the give away.

There is no limit to the amount the state has to redeem or to the number of credits they will issue.

It is horrible.

It comes off of all budgets since it reduces the top line revenue.

Isn't it shocking that the LED can give a filmmaker millions and millions of dollars without even a vote of the legislature?