PROVIDENCE, R.I. (AP) - A new study shows Rhode Island’s tax credit for movies and television productions is causing the state to lose an average of $1.8 million in revenue a year.
WPRI-TV reports the state has given at least $84 million in credits since the program was enacted in 2005. The state Office of Revenue Analysis has found productions have generated on average 27 cents for every $1 spent in tax revenue.
The study found a modest increase of 94 jobs in the movie industry since the credit was created. Most of the jobs for state residents were low-paying.
People were interested in these podcasts
Paul Dion, who leads the Office of Revenue Analysis, says the film credit has had similar results in other states.
The program is set to expire in 2024.
___
Information from: WPRI-TV, http://www.wpri.com
Please read our comment policy before commenting.