Joan Vennochi does it again. A sharp spin on a current hot debate — in this case revenues Here in part
TAX BREAKS for Ben Affleck. Tax hikes for everyone else. As he calls for $1.9 billion in new taxes, that proposal didn’t add up for Governor Deval Patrick. So, he’s also proposing to cap the film tax credit at $40 million, according to CommonWealth Magazine.
from the Commonwealth Magazine article – in part.
The state’s film tax credit offers virtually anyone who shoots a movie, TV show, or commercial in Massachusetts a credit equal to 25 percent of whatever they spend. The credit can be converted into cash by selling it back to the state or to a third party, who would use it to reduce his taxes.
The governor’s announcement comes as the state Department of Revenue is preparing to release a report on the film tax credit’s performance in 2011. For 2010, the Revenue Department said producers spent a total of $58 million filming in Massachusetts and received tax credits worth $14.6 million. The agency at the time forecasted that producers would spend at least $222 million in Massachusetts in 2011 and possibly more in 2012. Producers would receive a quarter of those expenditures back from the state in the form of tax credits.
I tried to upload the photo of Ben illustrating the Vennochi column with his head attached. Really I did.