Today is May 6, the date in 1862 when Henry David Thoreau passed away. Thoreau famously refused to pay his taxes because of his opposition to war and slavery, spending a night in jail until someone paid his overdue taxes...
- The Tax Policy Blog
- The Economist Reviews State Film Tax Credit Programs
The Economist Reviews State Film Tax Credit Programs
This week's Economist magazine reviews a proposal in California to boost their film and television tax credit. The report notes that it's getting tougher to compete with Louisiana's 30 percent refundable credit or New York's $420 million annual budget to subsidize film and TV, and that independent analyses find these do little on net for job creation or economic growth.
One of their sources is yours truly:
The other answer is that handouts for moguls are not as popular as they once were. Several states have capped or scrapped their programmes; Joseph Henchman at the Tax Foundation, a think-tank, reckons they peaked in 2010. Michigan’s scheme, which some thought—absurdly—could make up for job losses in the car industry, was scaled back under a Republican governor. Despite hosting “Iron Man 3”, one of last year’s smashes, many in North Carolina want to let their state’s scheme wither. “At some point you accept that Louisiana is determined to pour its treasure into Hollywood’s pockets,” says Mr Henchman, “and you let them do it.”
Get Email Updates from the Tax Foundation
We will never sell or share your information with third parties.
Join the Tax Foundation's fight for sound tax policy Go
About the Tax Policy Blog
The Tax Policy Blog is the official blog of the Tax Foundation, a non-partisan, non-profit research organization that has monitored tax policy at the federal, state and local levels since 1937. Our economists welcome your feedback. If you would like to send an e-mail to the author of a blog post, please click on that person's name to locate his or her e-mail address or visit our staff page here.