Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Lights, Camera -- Tax Breaks!


By Suzanne Robitaille

Many states are feeling the economic shock. In Texas, for example, entertainment production fell to $140 million last year, vs. $295 million in 2000. Only four feature films were produced in Texas in 2002, the lowest figure in 10 years. Other states are still compiling 2002 data, but North Carolina's 2001 revenues of $250 million were flat vs. its 2000 intake, and the number of major projects shot in the state dropped from 81 to 44. New York City estimates that feature-film expenditures fell to $678 million in 2001, from $839 million in 1999. In total, the impact of film and television runaway production on the U.S. is around $10 billion a year, according to a 1999 report commissioned by the Screen Actors Guild and the Directors Guild of America.

Some states are pushing hard for more tax relief and rebates to dangle before filmmakers. The Oklahoma legislature has passed a "Compete with Canada" act that provides a 15% cash-back incentive on film-production spending in the state. Minnesota, Lou


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus