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Old 01-07-2020, 04:20 PM
 
809 posts, read 288,320 times
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A new state audit says weak controls over Georgia’s politically popular but expensive film tax credit program have allowed some companies to receive credits they didn’t earn.

“While the state has granted billions in credits, it does not have an adequate system of controls to prevent the improper granting of credits,” auditors wrote..."

https://www.ajc.com/news/state--regi...2VfUcj0S1ZtUJ/


SOURCE: AJC
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Old 01-09-2020, 05:12 PM
 
809 posts, read 288,320 times
Reputation: 1140
Auditors say impact of Georgia’s film tax credits has been exaggerated

The economic benefits of Georgia’s popular and lucrative film tax credit have been greatly inflated, a new audit says, and past estimates have not considered what would have happened if the state had instead spent the money on things such as education or health care..."

https://www.ajc.com/news/state--regi...AqImagAfqRYPI/
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Old 01-24-2020, 12:40 PM
 
3,670 posts, read 4,148,300 times
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Sorry, but the “tax revenue” is not available to spend until you attract the industry activity. The AJC wants you to believe, illogically and falsely, that spending billions extra through government programs and infrastructure could have improved living conditions without attracting the film industry here.
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Old 01-26-2020, 06:21 AM
 
3,641 posts, read 1,763,075 times
Reputation: 2817
Quote:
Originally Posted by LynnHarris1 View Post
Auditors say impact of Georgia’s film tax credits has been exaggerated

The economic benefits of Georgia’s popular and lucrative film tax credit have been greatly inflated, a new audit says, and past estimates have not considered what would have happened if the state had instead spent the money on things such as education or health care..."

https://www.ajc.com/news/state--regi...AqImagAfqRYPI/

To respond to your first post, it's basically legalized fraud. It's crazy that money can go toward work performed outside GA. It's really upsetting to see millions was wasted when that money could have been put into education. I always read complaints about the demand for STEM workers, but where is the investment in education?


Whoa..."But since many companies aren’t based in Georgia, they owe little or no money in state taxes, so they sell the credit — for cash — to any entity that owes state taxes. Those entities — often other companies — buy the credits at a discount. They may pay $800,000 for a $1 million credit. The film company receives the $800,000, and the buyer — either a person or company — sees a $1 million reduction in taxes."



This seems intentional.

Last edited by DreamerD; 01-26-2020 at 06:30 AM..
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Old 02-04-2020, 12:27 PM
 
35 posts, read 7,939 times
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I would think that it would be more in the interest of the sate to offer these tax credits to companies creating long term good paying jobs. Film production is mostly a lot of temporary work that is fairly low pay. Once a film wraps up production, those jobs go away. Most people cant rely on that for steady income. I suspect they also bring in a lot of their own people from out of state so how many jobs are actually created in Georgia and how much do those jobs pay and how long do they last? I believe many states have cut back on these overly generous tax subsidies for the film industry because the economic impact has been exaggerated.
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