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Don't hold your breath for Iowa film credit revival

October 16, 2009

It could be some time before Iowa turns back on the Film Credit money spigot, based on Governor Culver's comments in an interview with The Des Moines Register:

The future of the Iowa filmmaking tax credit will remain unknown until key state investigations are complete, Culver said.
When asked about the program's future, Culver said, "I can't give you an answer to that question because we have to complete our investigation before the taxpayers of Iowa know if that's been a net plus or a net negative for them."

Culver suspended the program last month after he became aware that the full purchase prices of two luxury vehicles were used

Net positive or net negative? Gee, that's a toughie. Of the $32 million credits issued so far, over $6 million were for imaginary expenditures. Untold millions more were spent outside of Iowa, but run through Iowa strawmen to qualify for the credit. Of course, at least one Mercedes, one Range Rover, and one iPod were bought for film directors in Iowa with taxpayer money. And don't forget that they buy T-shirts here. And the swell parties! And the chance to see Mira Sorvino has to be worth $32 million by itself, right? Or $363 million, but who's counting?

Tags: Corporate welfare.Des Moines Register.Des Moines Register. Rekha Basu.Economic development.Film accountant report.film credits.Film criminal investigation.