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“The promise was this was going to diversify the economy, that they were going to draw Hollywood out of Hollywood,” Thom said in an interview. “In general, this does not pay off.”
USC research finds tax incentives for films are a poor investment
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Nearly all 50 states have lured Hollywood productions with millions of dollars in special tax incentives for filmmaking, but new USC research shows the incentives fail to deliver the long-term economic benefits promised by industry lobbyists and lawmakers. “The incentives are a bad investment. States pour millions of tax dollars into a program that offers little return,” said lead author Michael Thom, an assistant professor at the USC Price School of Public Policy who specializes in public finance. “We looked at job growth, wage growth, states’ share of the motion picture industry and the industry’s output in each state. On average, the only benefits were short-term wage gains, mostly to people who already work in the industry. Job growth was almost nonexistent. Market share and industry output didn’t budge.”
“The promise was this was going to diversify the economy, that they were going to draw Hollywood out of Hollywood,” Thom said in an interview. “In general, this does not pay off.”
USC research finds tax incentives for films are a poor investment
http://ift.tt/2bjTYYz
Nearly all 50 states have lured Hollywood productions with millions of dollars in special tax incentives for filmmaking, but new USC research shows the incentives fail to deliver the long-term economic benefits promised by industry lobbyists and lawmakers. “The incentives are a bad investment. States pour millions of tax dollars into a program that offers little return,” said lead author Michael Thom, an assistant professor at the USC Price School of Public Policy who specializes in public finance. “We looked at job growth, wage growth, states’ share of the motion picture industry and the industry’s output in each state. On average, the only benefits were short-term wage gains, mostly to people who already work in the industry. Job growth was almost nonexistent. Market share and industry output didn’t budge.”
Film Tax Incentives Are a Giant Waste of Money, New Study Finds
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