Despite the reduction in the Film Tax Credit (which does little to generate economic growth) M. Night Shyamalan’s latest production, The Last Airbender received over $35 million (over multiple years) in film tax credits.
Shyamalan has repeatedly leached off taxpayers for many of his productions. His most recent production, The Happening received $12 million in tax credits, and Lady in the Water receive a film production grant. The only good news is that taxpayers are only forced to subsidize these movies, not to watch them.
Film tax credits are just corporate welfare for wealthy Hollywood producers and directors with a significant cost to taxpayers. Yet, what is more disconcerting are statements by legislators such as Stephen Barrar, who had been against film tax credits. He said, after visiting one of Shyamalan’s sets, “I am coming around. I was not aware of the advantages of the film tax credit that accrued in my own backyard.”