House Approves $25M Tax Credit For Film Production
ANNAPOLIS, Md. (AP) — The Maryland House of Delegates has approved more than tripling a tax credit for film production to $25 million for the next fiscal year.
The House voted 108-31 on Tuesday for the measure, sending it to Gov. Martin O’Malley.
The measure extends the tax credit for two more years. The amount will go back down to $7.5 million annually for fiscal years 2015 and 2016.
The tax credit is awarded by the Maryland Department of Business and Economic Development.
Supporters say the tax credit helps economic development in Maryland, because state businesses benefit from productions that spend money in the state while filming. Opponents, however, said the tax credits end up going to people who don’t live in the state, at a time when Maryland residents are paying more taxes.
(Copyright 2013 by The Associated Press. All Rights Reserved.)