The rise and fall of the film tax incentive as a critical enhancement of film budget financial cash flow for local state film industry growth has been well documented yet remains seemingly uncontested. For the last several years the U.S. states have worked to influence indie film producers to bring their films and production dollars to their regions.
However, just as momentum was building for the growing infrastructure and development of local industry, new political winds brought in pols who were against the film business and tax incentives in general. Rather than help individual industries, the concept was to lower all taxes for business to spur growth.
The fact remains that the film tax credits were wonderfully successful. Film productions flocked to the areas with the best incentive. Film crew and film production services companies flourished. Students remained in their hometowns, schools opened film production programs and millions of dollars were spent in the local economies for hotels, restaurants, shops, hardware stores, lumber yards, car and truck rentals, etc.
The rapid destruction of the film tax incentive support system for the indie film budget of movies, especially in the credit crunch recessionary times it has occurred in was another blow to the indie film sector. When treasuries analyze the lost inward expenditure from the film industry they may change their ideas on a film tax credit for the motion picture industry and choose to keep those dollars at home as opposed to going to Canada and overseas.
Filmbudget.com
The international leader in worldwide film budgeting and scheduling production services.
However, just as momentum was building for the growing infrastructure and development of local industry, new political winds brought in pols who were against the film business and tax incentives in general. Rather than help individual industries, the concept was to lower all taxes for business to spur growth.
The fact remains that the film tax credits were wonderfully successful. Film productions flocked to the areas with the best incentive. Film crew and film production services companies flourished. Students remained in their hometowns, schools opened film production programs and millions of dollars were spent in the local economies for hotels, restaurants, shops, hardware stores, lumber yards, car and truck rentals, etc.
The rapid destruction of the film tax incentive support system for the indie film budget of movies, especially in the credit crunch recessionary times it has occurred in was another blow to the indie film sector. When treasuries analyze the lost inward expenditure from the film industry they may change their ideas on a film tax credit for the motion picture industry and choose to keep those dollars at home as opposed to going to Canada and overseas.
Filmbudget.com
The international leader in worldwide film budgeting and scheduling production services.
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