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Senate Finance Committee helps state's film incentives

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The state's film incentives took a big step forward Wednesday. The Senate Finance Committee approved raising the tax break for production companies from 15 to 25 percent. Wilmington and the state were stung this spring by the last-minute loss of a Miley Cyrus movie to Georgia, which has a 30 percent break. Wilmington Mayor Bill Saffo testified before the finance committee in Raleigh Wednesday. He is cautiously optimistic as the bill moves to the full Senate. “They want to make sure the incentive is proper. Obviously, things are tough right now; people are cutting back, teachers are being laid off in some cases. They want to make sure the incentive is fair and it is equitable and it is something that makes sense, “ said Saffo. “But if we are going to be in the game in regards to film and the film industry we are going to have to step up our incentive. Forty-two states in this country have film incentives. Twenty-eight states have higher incentives than us.” The timing is a challenge as state lawmakers are in late-stage talks on cutting spending and raising taxes to produce a balanced budget by July. There is a companion film incentive bill on the House side awaiting action.

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FIlm Subsidy

July 1st Iowa kicks in a 50% film subsidy. What will the Michigan legislature do now? Do you think your politicians have an incentive to increase Michigan's film subsidy? Wait tell New Mexico or Massachusetts increase to 60%? Read about what the Mackinac Center for Public Policy has researched about the Michigan Film Subsidy - mackinac.org Also find more info with links to other articles from around the US at nosubsidy.org How much property tax do you CURRENTLY pay? How much income tax is CURRENTLY taken out of your pay check (state or federal or both)? How much tax do you CURRENTLY pay to spend your paycheck in your community? The citizens of Michigan might consider that your cost of living will increase to support this film subsidy, yet a few wealthy film studios, producers, directors and actors will be able to afford their lifestyles. Look at California, having to compete, trying to keep Hollywood in Hollywood. They now have a new program starting July 1st. California is $25 billion in deficit yet has increased taxes on it's citizens to help pay for programs California can't afford to include film subsidies.

Film bidness

One more thing, the city of wilmington and the county cough up about $300,000 every year to finance a "film office" meanwhile they are cutting services for disabled kids. atta-boy saffo!

piff

This just irks me no end. Tax breaks to people that make TONS of money and pay the "stars" more for one film than most people make in a lifetime. Hollywood or Wilmywood do not impress me.

tax break

Next they will be wanting a 50% Tax break. If they give to one company then they need to give to everyone. How about all the mom-pop places that are fighting to stay? But the incentive will not be a problem, they can raise taxes on everyone else, to cover the lose.

"To cover the lose"?

"To cover the lose"? Anyway, the state can make X amount of dollars off the film industry or zero. Fact is it's a competetive biz and NC has already lost tons of money to Louisiana and now Georgia. Seems an easy choice to me.

Easy choice to me also

Easy choice to me also, stop giving it and let them take their business somewhere else.