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NY’s $700 Million Giveaway to Hollywood Is a Flop

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A new report found that New York’s $700 million annual tax incentive program for TV and movie productions is generating poor returns, with only 15 cents in direct tax revenue and 31 cents when including indirect economic impacts, for every dollar spent on the incentives.

Many productions receiving the taxpayer-funded breaks would have filmed in New York anyway.

The program benefits shows like SNL that have always filmed in New York.

While intended to create jobs, state incentives for Hollywood are facing increasing skepticism about their effectiveness given little economic return.

A USC study found nearly $10 billion spent since 2002 had no significant impact on employment.

Democrats tend to support the incentives while Republicans see them as a waste of taxpayer money.

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