$700 [Billion] Taxpayer Bailout Gives Hollywood $470 Million Tax Cut

CNSNews.com ^ | 10/21/2008 | Josiah Ryan

[Oyarsa]

$700 Taxpayer Bailout Gives Hollywood $470 Million Tax Cut Tuesday, October 21, 2008 By Josiah Ryan, Staff Writer

(CNSNews.com) – A tax break for movie and television producers who agree to film their shows in the United States – a part of the $700 billion economic stabilization package signed into law by President Bush on Oct. 3 – will cost taxpayers $470 million over the next 10 years, according to an Oct. 1 report published by the Joint Committee on Taxation.

The tax cut, designed to entice Hollywood and TV producers to shoot their films domestically, will cost taxpayers $358 million in 2009 and $470 million by 2018, the report states.

Described in the financial bailout bill as an “expansion and extension” of a nearly identical provision in a 2004 law, the revision now allows producers to write off $15 million in production costs on any movie they produce and slashes a restriction in the 2004 law that excluded films with budgets of over $15 million.

The current legislation would also allow filmmakers filming in the United States to qualify for a tax deduction, capping the top tax rate at 32 percent instead of 35 percent.

[perfect_rovian_storm]

Not to defend Hollywood, but I’m not going to start acting like Democrats and call tax cuts some kind of earmark or put a number on how much the government ‘loses’ because of them.

[tomnbeverly]

Time to shut down BIG HOLLYWOOD...

Liberals are anti-Americans.

[Natchez Hawk]

HA!

Good for them, but I’m just saying...

‘Tron 2’ better be really good.

[rstrahan]

I’d rather increase taxes on them for shooting outside the US than give them a tax break for staying here. After all, here’s where they make the bulk of their money.

[Oyarsa]

How many tax cuts given to other industries cost taxpayers $358 million to implement?

[Wolfie]

Tax cuts to KEEP jobs in the U.S.? Who’d a thunk it!