Film Tax Subsidies Cost More Than They Give Back, New Report Says

State subsidies for movie and TV production generate hype and bring in stars, but they don’t create permanent jobs or enough tax revenue to offset their cost, a new national report claims.

"Policymakers love this stuff. It’s Hollywood. They’re just snowed by the glitziness and glamor," said Bob Tannenwald, author of the report issued Wednesday by the Center on Budget and Policy Priorities, a left-leaning think-tank in Washington, D.C.

Connecticut offers an "open-ended" subsidy of 30 percent of production costs to any producer who meets the requirements. That translates to 30 cents back on each production dollar spent in the state. For example, a film company that spends $10 million to make a movie here could receive a credit of $3 million.

Full Story: http://www.courant.com/business/hc-film-credits-report-20101117,0,873938.story