Mass. Awarded $44M in Film Tax Credits in 2011
BOSTON (AP) — Film companies have been awarded $44 million in Massachusetts tax credits for projects filmed in 2011, with nearly two-thirds of new spending generated by the productions going to individuals and businesses located out-of-state, including many individuals making more than $1 million.
That's a jump over the $18 million in credits in 2010.
The Department of Revenue report credited the increase on the return of multiple major feature films being made in Massachusetts.
In 2010, nine feature films generated nearly $7 million in credits compared with 2011, when 13 feature films generated about $40 million in credits.
Supporters say the credits lure money and jobs that would go to other states while critics say the credits are tax giveaway to a deep-pocketed industry.
Gov. Deval Patrick wants to cap the tax credits at $40 million annually.
Copyright 2013 The Associated Press.