Cronyism at Its Worst: Missouri Taxpayers Fund Hollywood’s Elite
Despite repeated evidence of the ineffectiveness and moral shortcomings of film tax credits, proponents persist in pushing these costly incentives.
Missouri's legislature is again considering expanding film industry tax credits, a move purported to stimulate economic growth and attract Hollywood filmmakers. Despite repeated evidence of their ineffectiveness and moral shortcomings, proponents persist in pushing these costly incentives. Missourians should strongly oppose this misguided policy.
History serves as a stark reminder of the pitfalls associated with film tax credits. Missouri previously implemented similar programs, only to experience minimal economic benefit coupled with significant costs to taxpayers. A comprehensive review conducted in 2010 by the Missouri Tax Credit Review Commission revealed that the program failed to generate significant economic activity. Instead of driving sustainable growth, the credits resulted in net losses for the state budget, effectively subsidizing out-of-state companies with no long-term commitment to Missouri.
