Venezuela has the largest proven oil reserves in the world. It was once so rich that Concorde used to fly from Caracas to Paris. But in the last three years its economy has collapsed. Hunger has gripped the nation for years. Now, it’s killing people and animals that are dying of starvation. The Venezuelan government knows, but won’t admit it!!! Four in five Venezuelans live in poverty. People queue for hours to buy food. Much of the time they go without. People are also dying from a lack of medicines. Inflation is at 82,766% and there are warnings it could exceed one million per cent by the end of this year. Venezuelans are trying to get out. The UN says 2.3 million people have fled the country - 7% of the population.

Tuesday, February 8, 2011

Industry News: NEW MEXICO FILM PROGRAM UNDER ATTACK

January 13, 2011

NEW MEXICO FILM PROGRAM UNDER ATTACK

The budget proposed by the recently-elected New Mexico governor, Susana Martinez, calls for reducing the NM incentive from a 25% refundable tax credit, to 15%. Response has been immediate - producers are moving their films elsewhere. State Rep. Dennis Kintigh, who has been a vocal opponent of the entire program, commented that "You're taking money out of the treasury and subsidizing the industry, and you're trying to equate them [economic activity and tax dollars]...Just because you spend money, doesn't mean it gets back to the treasury." This is an instance of a politician not understanding that the success of a film incentive program is measured by the jobs created and retained, along with positive economic activity - rather than an immediate payback to the state treasury.

In our opinion, dropping the incentive to 15% will effectively cripple the program, with many producers opting to move productions to Georgia or Louisiana, both offering a 30% incentives program. Please support retaining the New Mexico incentive at 25%.

There is a full discussion of the proposed changes at http://www.bizjournals.com/albuquerque/blog/2011/01/film-incentives-debate-lures-hundreds.html

MASSACHUSETTS FILM PROGRAM SUCCESS
The Massachusetts Department of Revenue has just released a report showing that the film program has had a very positive impact on the Massachusetts economy. Many new jobs were created, and in calendar 2009, the film incentive program generated additional Massachusetts state Gross Domestic Product (GDP) of $168.5 million, and personal income of $25.2 million.

The full report is available at http://www.mass.gov/Ador/docs/dor/News/2010FilmIncentiveReport.pdf

MORE IOWA INDICTMENTS
A major tax-credit broker in Iowa has been charged with first-degree fraudulent practice, first-degree theft and ongoing criminal conduct; two producers were charged as well. And, the misdemeanor charge against former Film Commissioner Tom Wheeler has been replaced by three counts of felonious misconduct in office and three counts of first-degree fraudulent practices and conspiracy.
For the full story, please go to: http://www.desmoinesregister.com/article/20110111/NEWS10/101110363/-1/ENT06/Felony-charges-follow-more-accusations-of-film-credit-fraud

A.
www.chicas-productions.com
Posted by Essentials by APA at 4:24 PM
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