Friday, March 27, 2009

State Senate debates reduction in film industry tax credits

By Chris Killian 3/27/09 3:14 PM
Michigan is the most generous state in the nation when it comes to providing tax incentives to movie production companies looking for places to shoot films.

But the state’s 42 percent tax break, established in 2008, could be reduced under two bills being debated in the state Senate.

According to the Capital News Service, under the measures, the tax break would be reduced to 35 percent. Also, tax credits would be capped at $50 million per year for all films produced in Michigan.

“The money we give out for film tax credit is money that could’ve gone to universities, parks, the Great Lakes, prisoner maintenance or other publicly funded things,” Sen. Tom George, R-Kalamazoo, a co-sponsor of the measures, told the news service.

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