Filmmakers Flock To Forum On State Tax Credits

From LATimes.com:

Question: How do you pack a theater with jaded movie industry professionals?

Answer: Show them the latest hot information on film tax credits. Nearly 200 people crammed into an auditorium at the Landmark Theatre in West Los Angeles recently to learn the latest skinny on the kind of topic that would set an accountant's heart aflutter.

The filmmakers, production executives and bankers were attending the Spring Fling Production Incentives Symposium, hosted by the aptly named Incentives Office, a Los Angeles firm that helps filmmakers and lenders navigate the welter of tax credits and rebates.

Despite the economic downturn that has left many states with staggering deficits, the across-the-country rollback in state tax incentives that some anticipated has yet to occur. Although some states have reduced or even suspended their programs, others, such as Florida, have greatly expanded their programs. More than 40 states still offer some form of financial enticement to filmmakers.

"The fact that these states are continuing their programs is an indication they are working," said Jeff Begun, a partner in the Incentives Office.

2 Years After Tax Law, Michigan's Making Movies

In the two years since the State of Michigan offered the movie industry some of the largest tax incentives in history, over 80 film and television productions have taken place. The Associated Press examined how the state is adjusting to this new popular industry and its economic benefits.

Since the measure became law on April 7, 2008, 89 movie or TV productions have been completed. Hotels, caterers and others getting some spin-off business can't wait for the industry to expand.

But some lawmakers are questioning whether Michigan is getting its money's worth.

The tax credit program is projected to cost the state nearly $69 million for projects completed in 2009, not counting incentives given for permanent infrastructure projects, according to the Michigan Film Office. The potential annual bill is higher — more than $100 million — but some projects weren't finished and won't get the tax credits.

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