A new $7.5 million tax credit for film productions in Maryland takes effect Friday, and with the industry professionals already here, the state is back in the game and ready for its close up.
“What it does first and foremost is creates jobs, provides revenue to Maryland businesses, and creates economic activity with a trickle-down effect,” said Maryland Film Office Director Jack Gerbes. The Maryland Film Office is a part of the state’s Department of Business and Economic Development.
The new tax credit, which will go into effect July 1, increases the annual state incentives for film productions from $1 million annually – or 650% each year. These funds are used to lure different production companies to Maryland locations to film movies, television programs or commercials, or to work on digital or animated projects. And the money Maryland is investing in the program, Gerbes and other supporters of the incentive said, will create larger revenues through salaries, local trade, tourism, and international exposure.
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How much is this special subsidy costing in lost tax revenue that will mean the rest of us pay more?
ReplyDeleteThis goes against O'Malleys employment plan for Maryland he does want jobs or any new business for Maryland.
ReplyDeleteCorporate welfare. The state is taking money away from the transportation trust fund so our roads are deteriorating, but it is giving away money to movie companies. What a joke.
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