December 3, 2012 |
Movies and TV shows that received tax breaks in New York state supported 28,900 jobs and accounted for $6.9 billion in spending in 2011, according to a new study on the state's film incentive program. The study, conducted by the consulting firm HR&A Advisors, also found that the number of jobs in the state's film and television industry jumped by nearly 25% between 2008 and 2011, while private sector employment as a whole declined by 1.6%. The report credits New York's film incentive program, which allocates about $420 million annually to lure film and TV productions - about four times what rival California sets aside each year in film tax credits.
October 23, 2012 |
To hear business leaders and political candidates talk, proper industrial policy comprises only three elements: a fair tax system, a level playing field and "certainty. " So why is it that all three are about to be thrown out the window as a sop to oil, gas and nuclear interests determined to fillet the wind-power industry? The maneuvering in Washington is over a federal subsidy known as the production tax credit, which is worth 2.2 cents per kilowatt-hour to wind-energy producers.
October 7, 2012 |
WASHINGTON — Although the news spotlight has been on the presidential debates and the Nov. 6 elections, a more pressing personal issue for large numbers of homeowners across the country involves the lame-duck congressional session scheduled to begin Nov. 13. Along with the federal budget, billions in tax increases, draconian spending cuts and efforts to avoid the "fiscal cliff" looming Dec. 31, the lame-duck session is expected to answer what's...
October 1, 2012 |
WASHINGTON -- Taking the country over the “fiscal cliff” would cost American households $3,500 in higher taxes next year, on average, if Congress and the White House fail to reach agreement to stop automatic rate changes, according to a report released Monday. Almost 90% of Americans would see their taxes rise through a combination of higher rates on incomes and investments, and the loss of certain tax breaks, including some enacted as part of President Obama's stimulus program that are set to expire.
CALIFORNIA | LOCAL
October 1, 2012 |
Gov. Jerry Brown signed a new law that will allow hundreds of thousands of young illegal immigrants to obtain driver's licenses and vetoed another that would have restricted sheriffs from helping federal authorities detain undocumented Californians for potential deportation. His actions, announced Sunday as the deadline neared to finish work on nearly 1,000 bills sent to him by the Legislature this year, followed an intense week of protests, prayer vigils and lobbying by immigrant advocacy groups.
September 30, 2012 |
A broad coalition of unions representing the entertainment industry hailed Governor Jerry Brown's decision to sign into law a two-year extension of California's film and television tax credit. "We commend the legislature and Gov. Brown for recognizing that the motion picture business is an integral part of the economic and cultural powerhouse that has been California during the last 100 years," said a statement issued by a coalition of entertainment industry unions, including the Directors Guild of America, the Teamsters, the International Alliance of Theatrical Stage Employees and SAG-AFTRA.
September 19, 2012 |
Mitt Romney's dig at the 47% of Americans who don't pay income taxes has been deconstructed every which way. My favorite exegesis comes from the New Republic's Timothy Noah, who traces Rommey's complaint to a conservative meme known as the "lucky duckie" problem. (The term comes from a 2002 Wall Street Journal editorial titled "The Non-Taxpaying Class. ") Here's the theory in a nutshell: Because they don't pay taxes themselves, thanks to progressive rates and tax credits, the lucky duckies are not only a poor target audience for tax-cutting politicians; they also have no reason to oppose increases in government spending.
September 8, 2012
Re "Do Hollywood tax credits really help the economy?," Sept. 6 The Times' article expressing skepticism over the effectiveness of tax credits for filming in California avoids mentioning New York. That state's astronomical handout to the film business amounts to more than $400 million a year (compared to the proposed $100 million a year for California through 2018). The success of New York's aggressive program can be measured by several indicators: a tenfold leap in production over as many years; a strengthening of the film talent base; an already booming tourist business that can now boast a "Hollywood on the Hudson" component; a business community well aware that film crews on the streets and on sound stages mean better business for everybody; and a population excited to have yet one more glamorous feather in its cap. The Times notes that other states have not seen this kind of return on their investment.