"Some state tax credits go to prospering firms" by Bruce Mohl, Globe Correspondent | December 25, 2009
More than half the $25 million in tax credits doled out to 28 firms earlier this week by the Massachusetts Life Sciences Center went to three that were already prospering without extra help from the government - Genzyme Corp., Shire Human Genetic Therapies, and Cubist Pharmaceuticals Inc.
Related: Biotech Giveaway Was Borrowed Money
Welcome to the Wonderful World of Biologics
Slow Saturday Special: Genzyme Going Down
Prospering without government -- meaning taxpayer -- help?
Giving breaks to private corporations when the state is being forced to slash budgets and eliminate programs might strike some as an unwise expenditure.
Not just unwise, DOWNRIGHT CRIMINAL!!!
See Tough Love For Lawrence and related links within, please.
But officials say the incentives - built into a $1 billion life science initiative signed into law by Governor Deval Patrick in 2008 - will eventually pay off.
Yeah, HOW LONG we have to WAIT?!
Top officials in the Patrick administration said the 28 companies’ tax credits, which can reduce corporate tax bills or even be sold back to the state for cash, will help create 918 jobs in Massachusetts over the coming year.
That's it? Less than 1,000 jobs?
We lose that in a month!
And within five years, officials say, income taxes generated by the new jobs should cover the cost of the credits given to the businesses.
Oh, can you WAIT FIVE YEARS -- or longer -- Bay State taxpayers?
“Even in a time of constrained resources, this is the type of thing we need to continue to do,’’ said Jay Gonzalez, Patrick’s administration and finance secretary.
What, SHOVELING TAX LOOT to FAVORED and WELL-CONNECTED INTERESTS!?
Shire PLC, whose Human Genetic Therapies unit is in Lexington, reported $317 million in profit through the first nine months of this year and received nearly $6.3 million in tax credits. Cambridge’s Genzyme, with $399 million in profit over the first nine months, received $6 million in tax credits. Lexington’s Cubist, with profit of $25 million through the first nine months, won $1.74 million in tax credits.
Oh, they are ALL MAKING MILLIONS, huh?
And getting a TAXPAYER KICKBACK, too!!!
None of the companies could be reached for comment yesterday.
Greg Bialecki, Patrick’s economic development chief who chairs the Massachusetts Life Sciences Center board with Gonzalez, said the tax credits handed out this week were targeted at some of the state’s biggest life science companies because those companies were pledging to create the most jobs in the coming year. Many of the companies are already receiving significant state aid.
Related: Not Making It in Massachusetts
Tired of the TAX-LOOTING LIES yet!?
There is growing concern within the Patrick administration and the Legislature about the rising cost of state tax credits and whether they are being handed out in a consistent manner. A legislative subcommittee is currently analyzing the panoply of state tax credits, and Bialecki says the administration is conducting its own review. Officials say some changes could be proposed during the budget process next year.
Pffft!
HOT FART MIST because they know the public is furious!
Tax credits have been enacted piecemeal in Massachusetts industry by industry, and they can vary quite dramatically. For example, the tax credits awarded to life science companies this week are very different from the tax breaks awarded to producers who come to Massachusetts to film movies.
Related: Slow Saturday Special: Day at the Movies
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The Hollywood Heist of Massachusetts
Yeah, we don't want that band of profit-making looters coming here, either!
The life science law, designed to keep one of the state’s strongest economic sectors growing, authorized the issuance of $25 million in annual tax credits for 10 years. Demand for the inaugural round of tax credits was far greater than $25 million. The Life Sciences Center received 88 applications for tax credits from companies seeking a total of $241 million in tax breaks.
Translation: Looters saw a pile of loot and flocked like flies to s***!!
The award process for life science tax credits lasted eight months. Applications were scrutinized and credits were steered to companies that pledged to generate jobs in 2010. Officials say companies that fail to live up to their job commitments will be subject to so-called clawback provisions, effectively the withdrawal of the tax credits.
HA!!!
If they truly felt that way they NEVER WOULD HAVE GIVEN THEM the LOOT to begin with!
The life science tax credits can be used by recipients to reduce dollar-for-dollar their state tax bill or can be sold back to the state. The film tax credit, by contrast, is far more open-ended. Any movie producer who shoots a film or commercial in Massachusetts is entitled to a credit equal to 25 percent of whatever they spend. The credit can be used to offset taxes owed or it can be sold to third parties or to the state to generate cash. Film tax credit recipients face no job-creation requirements and their identity or how many credits they are receiving is not revealed.
The high-wattage Tom Cruise-Cameron Diaz film “Knight & Day,’’ which filmed in Massachusetts during the summer and fall, is widely believed to be the most expensive movie shot here to date. If the budget in Massachusetts reached $100 million, the film’s producers could receive a credit of $25 million, the same amount of tax credits that the state set aside this year for the entire life science industry. Bialecki said the film and life science tax credits are different because their purpose is different. He said life science is already a well-established industry in Massachusetts so tax credits are needed to help businesses grow. He said tax credits also supplement other support programs for the industry.
It just HURTS to know that you are getting SUCH a SCREWING, Mass. taxpayers!!
The movie business, in contrast, is an industry being grown from scratch in Massachusetts and needs tax credits generous enough to lure movie producers here, he said.
“It’s a different strategy,’’ Bialecki said. “I know Tom Cruise wasn’t here three years ago.’’
And I DON'T WANT HIM HERE blocking off traffic and fencing off communities now, either!!!
And it is not just our problem, America!
"Added fee hits Big Apple filmmakers" by Associated Press | December 25, 2009
NEW YORK - Higher fees for film production companies choosing to work in some New York City buildings have taken effect with no clear word on whether it will tarnish the city’s popularity as one of Hollywood’s favorite backdrops....
Awwwwww!!!!
Who cares?
My guy did it all in New Zealand and with computers!
The city came up with the fee over the summer as it looked to cover more costs related to film productions, according to Marybeth Ihle, a spokeswoman for the Mayor’s Office of Film, Theatre and Broadcasting. The fee took effect Wednesday....
Translation: YOU are LOSING TAX LOOT to them, too, readers!!
WTF? Hollywood is a PROFITABLE INDUSTRY!!
John Johnston, executive director of the New York Production Alliance, which represents more than half of the 100,000 people employed in New York by the film, television, and commercial production industry, said he spoke out against the fees at a public hearing this year because it sets a dangerous precedent that may cause other city agencies to also impose fees.Gee, that NEVER SEEMS to be MUCH of a CONCERN when it comes to the REST of US and the EVER-RISING TAXES and FEES!!!
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