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

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WSJ major opinion piece on film industry welfare--quotes Jindal
How is a tax credit "spending"?

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Everybody else ignore this post as I step back and explain one more time how this is welfare spending.

Louisana gives filmmakers 30-35% of their expenses--not their income--including wages, food, equipment rentals, expense accounts. ect (including the huge salaries of actors and actresses from out of state).

We give it to them in the form of cash redeemable or fully transferrable tax credits. They do not have to generate a single dollar in Louisiana income tax to use these credits and most do not.

They can sell these credits back to the state for cash at 85 cents on the dollar or they can sell them to any Louisiana taxpayer who then gives the money he would normally give the state to the filmmakers. Basically the filmmaker becomes the collector of taxes levied on us all by the state.