A legislative report has been published on the Rendell administration's film tax-credit program in Pennsylvania, showing that funding more than pays for itself with jobs and spin-off economic benefits.
The Legislative Budget and Finance Committee employed an independent firm, Economic Research Associates. The report said the program generates USD146.4m in wages and supports more than 3,950 jobs in the state, with a statewide economic benefit of USD524.6m. It is estimated to produce a net revenue gain of USD4.5m for state and local governments. First introduced in fiscal year 2004-05, the USD75m per year tax credit program for film makers has been controversial. The study comes just as debate sharpens about how to bridge a USD3.2bn budget shortfall by June 30. The legislative committee, a bipartisan research arm of the General Assembly, has a reputation for producing no-spin studies.
The tax credits go to film companies that spend at least 60% of their production costs in the state. In 2008, 11 feature films were shot in Southwestern Pennsylvania and the companies are estimated to have spent USD70m.
A comprehensive report in our Intelligence Report series examining tax-sheltering arrangements for investors, including Venture Capital, Forest Finance and Film Finance in a number of key jurisdictions, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report5.asp
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