In Iowa, a day after the introduction of a bill (SF 2118) that would abolish the state’s corrupt film credit program, the legislature’s House Economic Growth Committee heard testimony from the film industry, which has a different solution: make the credit bigger.
Elizabeth Carvlin at State Tax Today (subscription) is reporting that film industry leaders suggested capping the credit at $75 million per year instead of the current $50 million, which film production companies went through all too quickly on purchases such as a Mercedes and a Land Rover that film producers kept for themselves.
Roth CPA’s Joe Kristan has been on top of this story, and for an overview of how rapidly these unjustifiable taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. giveaways have spread from state to state, see our recent Tax Foundation Special Report by Will Luther.
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