Economic impact exceeds expectations–at no cost to Mass. taxpayers through FY 2008.
Mass Film Office News - 2009
The MA Department of Revenue (DOR) has reported that new direct spending on film and television production generated by the film tax credit in Massachusetts is $676 million since 2006.
That figure, included in the annual report required under the film tax credit law, is over $100 million higher than the agency predicted in its March 2008 report. When DOR’s “ripple effect” multiplier is factored in, the total economic output tops $870 million.
These 2009 figures, the most detailed to date, show that $167 million in film tax credits were issued in the first 3 years of the program (2006 to 2008). When comparing the total credits (adjusted for new taxes collected) with the total economic output projected by DOR, this translates into a cost of 16 cents for every new dollar generated—once all the credits are ultimately redeemed. Read more at mafilm.org...