Michigan May Keep Movie Tax Incentives After All
Back in February Gov. Rick Snyder made serious cutbacks in the state’s film tax incentives which caused several movies to move production including ‘The Avengers’. There was even talk of the program being eliminated all together. A new bill introduced last week may just save the state’s up and coming film industry in the 11th hour.
The bill comes just in time as the state legislature voted to have the tax credit eliminated all together as part of tax reform deal. Sen Mike Kowall and Sen. Virgil Smith came up with a proposal that would let the state give out a tax credit of to 42% of their production costs as oppose to an automatic 42%. This will allow the amount received to be determined on a case by case basis, probably dependent on how. much of the money was spent locally.
Is this good for our economy or just draining our state’s funding?