NY’s $7.7B in handouts for film industry come under scrutiny with new study showing little benefit for taxpayers, small biz
New York’s $7.7 billion in handouts for the film industry came under scrutiny Wednesday — as state lawmakers seized on a new analysis showing taxpayers aren’t getting the best bang for their bucks.
The independent analysis of the Film Production Tax Credit, conducted by a Philadelphia-based consulting firm, found the nearly $700 million yearly in forgone revenue returns only about 31 cents on the dollar.
“We now have more than enough evidence to demonstrate that a lot of this programming, a lot of the spending, is not being spent wisely and we have to do something about it,” state Sen. Jim Skoufis said after a hearing on economic incentives.
Albany signed off last year on massive new incentives to encourage film and TV productions to shoot in New York — adding up to $7.7 billion over 11 years — with dubious proof as to how much economic return the handouts would actually bring to the state.
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