That’s a wrap, Boston. With so many Massachusetts residents unemployed, you’d think the state would try to retain as many jobs as possible, even in the TV and entertainment industry. However, the Bay State seems intent on closing its doors on Hollywood.
Massachusetts’ Film and TV Tax Incentive is quickly approaching its expiration date (January 2022), and most legislators seem unbothered. Currently, Massachusetts provides filmmakers with a highly competitive tax incentive package: a 25% production credit, a 25% payroll credit and a sales tax exemption. Any film or TV project that spends more than $50,000 in Massachusetts qualifies for the payroll credit. Spending more than 50% of the total budget, or filming at least 50% of the principal photography days in Massachusetts makes the project eligible for the production credit and a sales tax exemption.
These tax incentives are what attracted large studio projects like “Don’t Look Up” starring Leonardo DiCaprio and Jennifer Lawrence, along with films like “American Hustle,” “The Departed,” “Joy” and “Shutter Island” to name a few.
With the increase in filming in Massachusetts, there has been growing demand for local studio and soundstage spaces. Many local businesses are prepared to invest in the entertainment industry by investing in new infrastructure, equipment and hiring workers to grow with the new opportunities. But no one wants to invest in a bleeding industry, and with these tax breaks scheduled to evaporate, it looks like Boston’s entertainment industry will be on the outs.
Media productions bring jobs, not just for actors and actresses, but for hundreds of crew members and production staff. In addition, local restaurants benefit from catering production sites — hotel revenue increases due to higher demand. And having Massachusetts featured in mainstream media is excellent press for the state, incentivizing tourism, which in turn provides even more additional jobs and revenue for the state.
Massachusetts is currently being considered for multi-year television projects, streaming series and films — all of which would offer extended employment and business opportunities for residents. If the film and TV tax incentive is eliminated, Massachusetts will likely be cut from consideration. It will become too costly of an option to film. These production companies are currently deciding where to film in the coming years, and the lack of action by Massachusetts to renew the film and TV tax incentive will force them to film elsewhere. There are plenty of other states that also offer this TV and film tax incentive, with no intentions of letting it expire.
Constituents are well aware of the tax incentive benefits. Many are asking their state representatives to co-sponsor House Docket #657 (Rep. Tackey Chan) and Senate Docket #344 (Sen. Michael O. Moore) to maintain the Film, Television and Streaming Production Incentive program.
Investing in the entertainment industry is a secure and profitable endeavor for the state. The COVID-19 pandemic has only validated the significance of the entertainment industry as the demand for content during quarantine has risen exponentially. Allocating resources to this space is a good investment.
The local film and television industry can create thousands of well-paying jobs for Massachusetts residents and create great press for the state. That’s not something the legislature should discard without consideration. Instead, they should be doing everything in their power to keep the cameras rolling.
Diana Martinez is a law student at Boston University School of Law. More recently she researched and drafted a legislative bill on the issue of sports wagering and consumer protectionism at the Massachusetts’s State Senate Office.
The Link LonkMarch 29, 2021 at 04:15PM
https://www.bostonherald.com/2021/03/29/martinez-massachusetts-could-send-hollywood-packing/
Martinez: Massachusetts could send Hollywood packing - Boston Herald
https://news.google.com/search?q=Send&hl=en-US&gl=US&ceid=US:en
No comments:
Post a Comment