PROVIDENCE, R.I. — A new study shows Rhode Island’s tax credit for movies and television productions is causing the state to lose an average of $1.8 million in revenue a year.
WPRI-TV reports the state has given at least $84 million in credits since the program was enacted in 2005. The state Office of Revenue Analysis has found productions have generated on average 27 cents for every $1 spent in tax revenue.
The study found a modest increase of 94 jobs in the movie industry since the credit was created. Most of the jobs for state residents were low-paying.
Paul Dion, who leads the Office of Revenue Analysis, says the film credit has had similar results in other states.
The program is set to expire in 2024.
Information from: WPRI-TV, http://www.wpri.com