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Started By
Message
La. issued 251 million in tax credits in 2013.
Posted on 6/2/14 at 11:04 am
Posted on 6/2/14 at 11:04 am
quote:
Chris Stelly, executive director of Louisiana Entertainment, the state-run film office, said officials certified nearly $810 million in production company spending on 123 projects in 2013 and issued $251 million in tax credits.
The sky is the limit, Hollywood loves Louisiana.
quote:
"Now we represent about 14,000 jobs, up from roughly zero 10 years ago, and that's a pretty important thing for us to do," said Will French, president of the Louisiana Film and Entertainment Association.
I wonder how much it cost the state treasury to create these jobs?
The full article
LINK
4
Posted on 6/2/14 at 11:06 am to doubleb
I B Freeman's alarm is going apeshit right now
Posted on 6/2/14 at 11:11 am to Choctaw
quote:
I B Freeman's alarm is going apeshit right now
Theman has brought up some good points, one is that there doesn't appear to be a cap on this program.
The loss of revenues to the state treasury is steadily rising.
Posted on 6/2/14 at 11:11 am to doubleb
This is so far from the worst way the state spends our money. There are actually good outcomes to this expenditure.
Posted on 6/2/14 at 11:12 am to SammyTiger
quote:
This is so far from the worst way the state spends our money. There are actually good outcomes to this expenditure.
Is it the best way to "spend" our money or should I say, not collect taxes.
Posted on 6/2/14 at 11:16 am to doubleb
quote:
The loss of revenues to the state treasury
Who cares. Bottom line: is more revenue coming into this state because of this program? If the answer is yes, then just fix your budget so that you can pay for other things. If the pie is growing because of this, then LA needs to find a way to make it work.
Posted on 6/2/14 at 11:21 am to doubleb
You gotta love how people think that government wealth redistribution programs "create" jobs.
More like re-allocation of resources.
More like re-allocation of resources.
Posted on 6/2/14 at 11:23 am to doubleb
quote:
Is it the best way to "spend" our money or should I say, not collect taxes.
When its all said and done, the state may be out some amount of money for the program, its hard to quantify and one can assuredly put forth a study to prove its a money maker. Its a debatable topic but the overriding debate for me is the amount of spending in general.
If you look at the spending before and after Katrina, one can see that we are spending way more than we probably need. Once the federal money stopped rolling in, we continued to spend at those rates. Ultimately leading to the cuts in Higher ed and healthcare. Like all things Government, once the money becomes normal, the reduction is damn near impossible.
This post was edited on 6/2/14 at 11:26 am
Posted on 6/2/14 at 11:24 am to C
quote:
ho cares. Bottom line: is more revenue coming into this state because of this program? If the answer is yes, then just fix your budget so that you can pay for other things. If the pie is growing because of this, then LA needs to find a way to make it work.
Who cares? Maybe LSU cares. Maybe the other universities or secondary education cares.
And is the pie growing?
It's not like it wouldn't grow at all if the state collected the taxes and spent the dollars on other things like professors, highways, and etc.
The question is whether or not this is the best way to help our economy, and at what point do we need to cap the program or even cut back on it.
The state auditor studied the program several years back and determined it was a big loser.
It certainly is a feel good deal, a lot of people love seeing La. associated with big movies and movie stars. The question is can we afford more and more of this economic welfare?
Posted on 6/2/14 at 11:33 am to C
quote:
Who cares. Bottom line: is more revenue coming into this state because of this program? If the answer is yes, then just fix your budget so that you can pay for other things. If the pie is growing because of this, then LA needs to find a way to make it work.
Well none of those things are happening.
Now California has sweetened the pot. I guess Sammythetiger will want us too.
Why don't we just pay all their expenses if paying 35% of them is good???
Only the most naive uninformed and the profiteers believe this is a good thing.
It is so lopsided it is crazy.
If you read people repeatedly posting support of this program they are either profiteers or are incapable of simple mathematics and/or hate Louisiana taxpayers.
You can't even argue it is good for the economy because it so lopsided.
This post was edited on 6/2/14 at 11:35 am
Posted on 6/2/14 at 12:48 pm to I B Freeman
quote:
I B Freeman
quote:
If you read people repeatedly posting support of this program they are either profiteers or are incapable of simple mathematics and/or hate Louisiana taxpayers.
If there were no tax incentives for the filming industry, how would that benefit the state?
Posted on 6/2/14 at 1:24 pm to Bard
quote:
If there were no tax incentives for the filming industry, how would that benefit the state?
Not Freeman, but the state would have 200 million more dollars to spend, or 251 million dollars of tax cuts they could give to its citizens.
The state could spend 251 million on roads, bridges, and port improvements. Things the state is there to do.
The state could use it to enhance education, hire more teachers, professors, etc. Things the state is there to do.
If the state spent the money on necessities or gave the population overall a tax break, it would benefit the state.
Posted on 6/2/14 at 1:25 pm to Bard
quote:
If there were no tax incentives for the filming industry, how would that benefit the state?
Immensely.
They would not have been any cuts in any of Jindal's budgets if it weren't for film tax credits.
We could have lowered taxes to anybody.
HUGE drain on the Louisiana economy and the state budget. How does taking money from you and giving it to me help the economy??
Posted on 6/2/14 at 1:28 pm to doubleb
Better yet.. Why don't we spend 21 billion instead of nearly 25 billion... We only spent 19 billion, less than, ten years ago
Posted on 6/2/14 at 1:35 pm to TROLA
In 2010 we spent 27 Billion.
Last year we spent approx. 24 Billion and this legislature just passed a 24.6 Billion dollar budget for the upcoming FY.
But I'm with you, if we do not need the 251 million, how about cutting income taxes for all that amount?
As for the 19 million dollar budget we had 10 years or so ago, I too would like to know where the additional money is going and where it is coming from. With the Feds so heavily involved it's hard to tell what our financial picture really is.
Last year we spent approx. 24 Billion and this legislature just passed a 24.6 Billion dollar budget for the upcoming FY.
But I'm with you, if we do not need the 251 million, how about cutting income taxes for all that amount?
As for the 19 million dollar budget we had 10 years or so ago, I too would like to know where the additional money is going and where it is coming from. With the Feds so heavily involved it's hard to tell what our financial picture really is.
Posted on 6/2/14 at 1:41 pm to doubleb
I don't keep up with it as much as I used to but after Katrina, we had somewhere around 6-8 billion a year being dumped into the coffers from the Feds... That money is no more but we are still fighting the urge to spend.. We could've been better stewards of that money and while we did ok.. It's hard to justify major tax credits that are hard to quantify a return on.. I'm a believer of the film credits but there needs to be a cap or some type of tapering in the future
Posted on 6/2/14 at 1:44 pm to doubleb
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.
So your contention is that if these tax incentives weren't in place there would still be the same amount of filming going on?
Is the state allotting each film company a certain amount of money from the state coffers or is they just paying less in taxes?
quote:
They would not have been any cuts in any of Jindal's budgets if it weren't for film tax credits.
So your contention is that if these tax incentives weren't in place there would still be the same amount of filming going on?
quote:
Not Freeman, but the state would have 200 million more dollars to spend, or 251 million dollars of tax cuts they could give to its citizens.
Is the state allotting each film company a certain amount of money from the state coffers or is they just paying less in taxes?
Posted on 6/2/14 at 1:47 pm to TROLA
quote:
I don't keep up with it as much as I used to but after Katrina, we had somewhere around 6-8 billion a year being dumped into the coffers from the Feds... That money is no more but we are still fighting the urge to spend..
I thought the number on the pre-Katrina budget was closer to 10-12B, but regardless your point is still true. When the federal dollars started pouring in, the state increased its budget commensurately as if these were permanent funds. For the past few years the state has been trying to figure out how to handle being forcibly weened off that tit.
Posted on 6/2/14 at 1:50 pm to doubleb
quote:
Not Freeman, but the state would have 200 million more dollars to spend, or 251 million dollars of tax cuts they could give to its citizens.
The state could spend 251 million on roads, bridges, and port improvements. Things the state is there to do.
Where would this $200M or $251M come from?
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.
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