I mean really.. For all those starry eyed legislators who really though it was “found money..” The Mackinac center points out after Granholm admitting the film credit actually COSTS the state:
According to the federal Bureau of Labor Statistics, the entire U.S. film and video production industry provides 206,900 jobs, with more than half of them in California. Last year, Michigan’s film subsidies dished out $48 million in incentives, which generated the equivalent of 254 full-time, all-year jobs. If the subsidies succeeded in transplanting the entire California film industry to Michigan, the cost to taxpayers would be $21.3 billion — more than the state government collects from all its taxes combined.
That may be all right if attracting this industry doubles the economic size of Michigan. It won’t. Not even close — if all of the California film industry jobs came to Michigan, the state would replace only about a third of the jobs it lost in just the last year.
You just cannot PAY an industry 40% of its gross spending with TAX Dollars and expect to remain solvent!
I’ll say it again..
Michigan, I will again remind you of the value you have in resources, people and industry. The film industry can be a vibrant and exciting addition to our economy, yet we shouldn’t shell out all of our gold for merely tinsel in return.
Are you listening yet?