It sounds like Governor Patterson's splendid idea for growing his city's economy may have started a trend??The much-criticized 'Bailout Bill' recently signed into law by the President includes some remarkable bonuses for those in the entertainment sphere: A mixture of tax benefits and favorable financial returns for home-made productions will keep over $400 million in the country over the next ten years. Granted, most of these perks have been in effect since 2004, but the new rules allow a lot more firms to enjoy the savings.
Supporters have been trying to get the measures enacted since May and they finally crossed the goal-line on Friday. And the new rules received the unanimous support of the MPAA, the DGA and SAG.
My favorite part, though, is the section called 'The Runaway Production Statute.” Make your next blockbuster entirely in this country and you'll get special tax breaks on the first $15-million. You can get this back-dated to January if you're already in production, and it's extended to December of 2009.
For years, Canada's weak dollar, easy accessibility and photogenic locations have drained millions of dollars out of this nation. The new provisions can stop the bleeding and divert those millions into this nation's economy, creating thousands of jobs that will produce additional revenue via direct and consequential taxation. And that's a superb idea!
Sometimes, no matter how hard they try, even a Government can get something right.
Flag photo by: René Ehrhardt
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