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1 Mark Robyn, Film Production Incentives: A Game California Shouldn't Play; Testimony before California Legislature 1 (2011)

handle is hein.taxfoundation/taxfaauf0001 and id is 1 raw text is: National Press Building 529 14th Street, N.W., Suite 420 Washington, DC 20045 T T TEL 202.464.6200 FOUNDAT ON www.TaxFoundation.org Film Production Incentives: a Game California Shouldn't Play Mark Robyn Staff Economist Tax Foundation Joint Oversight Hearing: the Committee on Revenue and Taxation and the Committee on Arts, Entertainment, Sports, Tourism, and Internet Media March 21, 2011 Mr. Chair, Madame Chair, and Members of the Committees: I appreciate the opportunity to speak with you about the effectiveness of film tax credits in California. For those unfamiliar with the Tax Foundation, we are a non-partisan, non-profit tax policy research organization founded in 1937. Through research and education we aim to promote sound tax policy at all levels of government. Over the past decade film tax credits have gone from being an obscure tax benefit available only in a few states to a ubiquitous nationwide policy tool. Film tax credits are credited with creating jobs, economic activity, and tax revenue for states, as well as bringing a little glamour to some states that aren't accustomed to the spotlight. But a great deal of economic misunderstanding surrounds film tax credits. In the next few minutes I'm going to lay out some of the concerns that the Tax Foundation has with film tax credits, and talk about how what California can and should do to address these concerns. Costs and Benefits The economic benefits of film tax credits are often exaggerated and misunderstood, while their costs are underestimated or completely ignored. States are currently locked in an unproductive arms race of film tax incentives, with film producers reaping most of the benefit. California would do well to reexamine this costly program in this time of fiscal distress. First, I must address some of the economic misunderstandings surrounding film tax credits. There are many studies and statistics that claim to show that film tax credits provide an economic benefit for states. But unfortunately, the economic effects of film tax credits are often overstated and many costs are left out of the equation all together. 1 of 6

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