Connecticut’s film tax credit program has led to $282 million of spending from production companies in the state and an addition of 400 jobs to the state, according to the Department of Economic and Community Development.
The DECD reported that 13 film productions filed for tax credits by Sept. 2007. During the study’s period of January 2006 to September 2007, the tax credit program stimulated $55.1 million in film production spending and $20.72 million in new real gross state product. It was also determined that each tax dollar spent on the tax credit generated more than one dollar of additional gross state product.
Stan McMillen, managing economist of the DECD, described the study’s figures as conservation because tourism increases at high-profile film locations were not include. In a statement, Gov. M. Jodi Rell said the study shows how the credits are significantly contributing to the economy and the state’s quality of life.
