CHARLESTON, W.Va. — Gov. Jim Justice has signed legislation ending West Virginia’s program offering $5 million in annual film production tax credits.
Lawmakers approved the measure last week following an audit showing the credit produced little economic benefit for the state.
They found that over its 10 years, the program issued more than $15 million in credits to film production companies that had more than $49 million in direct and post-production expenses, meaning economic stimulus.
But after subtracting pay to out-of-state residents, support for unqualified projects, lost taxes and the cost of the now-shuttered state Film Office, the economic value was only $6.1 million over 10 years.
Justice says the state Division of Tourism, which currently manages the program, has advised the funds can be better spent somewhere else.