From Bryce Chinault's testimony in opposition to HB 6929 before the Finance, Revenue and Bonding Committee:
"In testimony before a joint committee hearing last year, Department of Economic and Community Development (DECD) Commissioner David Lehman highlighted the state’s film and movie tax credits as an area ripe for reduction or outright repeal. This recommendation was informed by DECD’s annual report which found that the Film & Digital Media Tax Credit led to an annual decrease in state revenue of over $58 million and a cumulative loss of over half a billion dollars since its inception in 2006.
What do taxpayers get in return for this investment? According to study, after study, after study, after study: not much. One of the studies by Michael Thom at USC Sol Price School of Public Policy found that “On average, the only benefits were short-term wage gains, mostly to people who already work in the industry. Job growth was almost non-existent. Market share and industry output didn’t budge.”
There is, however, another potential tax credit in a proposed bill before the Finance, Revenue and Bonding Committee that would help children from low-income households thrive in Connecticut’s K-12 classrooms. HB 5424: An Act Establishing a Tax Credit for Educational Access and Opportunity Scholarship Donations could help make a real difference in the lives of children today and help Connecticut’s economy grow for decades into the future."