The eye popping estimate was based on a review of 157 out of 312 projects that applied for but did not receive a California tax credit.
California lost out on nearly $8 billion in economic activity, 28,000 jobs and over $350 million in revenue for state and local coffers from film and TV projects that chose to film elsewhere in recent years.by the Los Angeles County Economic Development Corporation for the Motion Picture Assn., a trade body for the major studios.
“These programs are investing in local workers and small businesses here in California,” said Lt. Gov. Eleni Kounalakis in a statement. “This program also has an immeasurable impact on tourism in this state, by inspiring people to visit and explore California.” The authors estimated that during the five-year period the program contributed $22 billion in economic output and 110,300 jobs, including 64,600 in direct employment. This returned $962 million in tax revenue to the state and local governments.
“The study confirms what we believe,” Sen. Anthony Portantino said at the Warner Bros. Ranch. “Tax credits work. They create middle-class union jobs.”
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