The state will keep its film-industry tax credit even as the Patrick administration eyes
tightening other tax laws to raise money for the cash-strapped state.
Greg Bialecki, Gov. Deval Patrick’s secretary of housing and economic development,
said the film tax credit is one of many tax exemptions, deductions and incentives that
the administration is now eyeing for possible changes as the state grapples with a
$600 million budget deficit.
Bialecki said the governor thought it was only fair that the state looks at tightening
tax laws while also moving toward major cuts in state spending. He declined to
mention which tax laws the administration is now reviewing.
But he indicated eliminating the film tax credit is off the table, though it may face
some adjustments. “No, we’re not going to eliminate it,” he said, noting that some
have estimated the credit has created thousands of jobs.
Senate President Therese Murray and House Speaker Bob Deleo yesterday signaled
strong support for the film tax credit, despite criticism that it’s costing the state more
than $100 million a year.
Murray, speaking at Patrick’s economic summit yesterday in downtown Boston, said
the credit has brought scores of movie productions to Massachusetts over the past
few years - and it’s on the verge of paying huge dividends if new studios are built
here.
DeLeo said the House is currently reviewing the tax credit, which reimburses movie
producers with 25 percent of their wages and expenditures while filming in
Massachusetts. The Department of Revenue recently reported the state paid out about
$113 million in credits last year, based on $452 million in film expenditures here.
tightening other tax laws to raise money for the cash-strapped state.
Greg Bialecki, Gov. Deval Patrick’s secretary of housing and economic development,
said the film tax credit is one of many tax exemptions, deductions and incentives that
the administration is now eyeing for possible changes as the state grapples with a
$600 million budget deficit.
Bialecki said the governor thought it was only fair that the state looks at tightening
tax laws while also moving toward major cuts in state spending. He declined to
mention which tax laws the administration is now reviewing.
But he indicated eliminating the film tax credit is off the table, though it may face
some adjustments. “No, we’re not going to eliminate it,” he said, noting that some
have estimated the credit has created thousands of jobs.
Senate President Therese Murray and House Speaker Bob Deleo yesterday signaled
strong support for the film tax credit, despite criticism that it’s costing the state more
than $100 million a year.
Murray, speaking at Patrick’s economic summit yesterday in downtown Boston, said
the credit has brought scores of movie productions to Massachusetts over the past
few years - and it’s on the verge of paying huge dividends if new studios are built
here.
DeLeo said the House is currently reviewing the tax credit, which reimburses movie
producers with 25 percent of their wages and expenditures while filming in
Massachusetts. The Department of Revenue recently reported the state paid out about
$113 million in credits last year, based on $452 million in film expenditures here.
 |  |  |
Gov. Deval Patrick won’t cut films’ tax credit
by Roland Hansen
by Roland Hansen
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