Tentative budget provisions in New York contain funds aimed at luring The Tonight Show back to the state, according to recent news reports. This might be good news for Jimmy Fallon, who is rumored to be the show’s new host, but others, such as the Tax Foundation, have consistently given the incentive a “thumbs down.”
Another critic of film tax credits is Louisiana’s Legislative Auditor, which recently released its finding that the state’s film tax credit program cost Louisiana $512 million in lost revenue from 2006 to 2011.
To cut down on revenue costs, Governor Jindal proposed to set limits on the film tax credit, according to a Fox8article. Specifically, the Governor is proposing to place caps on certain credit amounts and exclude certain costs from being eligible for the credit.
The Louisiana Legislative Auditor's report, entitled Tax Credits and Rebates in Louisiana, looked at the impact of all the state’s tax credit and rebate programs on revenue.
The report appeared to cast doubt on the effectiveness of tax incentives in general. It found that Louisiana’s tax credit and rebate programs resulted in a $6.13 billion revenue loss for the state over the last seven years, notes a press release. From 2006 to 2011, the state tax credits alone counted for a revenue loss of $5.4 billion, according to the report.
For more information about film tax credits, check out Bloomberg BNA’s Credits and Incentives State Tax Portfolios.
In other developments . . .
The Montana Department of Commerce recently adopted final regulations implementing its certification procedure for production companies seeking the state’s film tax credits, according to a Bloomberg BNA Weekly State Tax Reportarticle.
By: Kathleen Caggiano
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)