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

quote:

---

Shouldn't it be a pretty straight forward number. You are certainly passionate about the issue. It would seem obvious you would want to know the actual numbers. Unless of course it isnt really about the numbers....

---

If I give you 2012 you will want 2013. Then I have to explain the whole credits outstanding thing too which are the credits sold but not redeemed.

Here is the simplest number--in 2012 the state issued $198.6 million in credits---$27 million were used in 2012 for payment of taxes by recipients leaving around $170 million that were either 1) redeemed for cash by the state 2) sold to other people or 3) held for future sale or use.

In 2013 and projected in 2014 the credits were over $200 million the majority of those will also be either redeemed by the state for cash or sold to other taxpayers to use in lieu sending the state money. The state actually saves 15% if they redeem them for cash.

The amount of film tax credits was roughly equal to all the corporate income tax (not franchise tax) collected by the state and was roughly equal to 9% of all personal income tax collect.

To put in it the plainest and simplest form--we give the film makers one dollar out of every 11 dollars the state collects in personal income taxes.