Here’s a sobering reminder that not everyone supports production tax breaks. A group of New York state tax commissioners have issued a report saying that killing the incentive programs for showbiz and other industries would save the Empire State a cool $2B — $400M from film and TV alone. The report (read it here) — which was filed with the state Tax Reform and Fairness Commission but wasn’t included in the recommendations to Gov. Andrew Cuomo — says those funds instead should be used for tax relief. Its authors question whether the credits provide sufficient economic heft or create enough jobs to merit the lost revenue that must be made up by the taxpayers. “Even though the credits may have had a positive effect on the level of film and television production in the state,” the report states, “this raises the question of whether scarce economic development dollars are being spent where they are most needed.” The MPAA disagrees. It put out a report in December 2012 saying that New York’s production incentives are responsible for a 25% increase in industry employment in the state between 2008 and 2011.
Some NY Tax Commissioners Want To Kick Production Incentives To The Curb
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