For those who hoped to see the film industry flourish in Michigan, this is a sad day.
Paul Egan of the Detroit Free Press reports that Gov. Rick Snyder signed legislation Friday that kills Michigan’s film credit program, but keeps the Michigan Film Office for the time being. The film incentives won't immediately end for those contracts already in the pipeline.
Egan writes:
The law includes $25 million for the incentives for the 2016 fiscal year that begins this Oct. 1. But $19 million of that will go toward paying off the state's investment from pension funds in a struggling Pontiac film studio, and none of it can be used to extend new tax credit deals.
The film office can continue to operate to satisfy any existing contracts, which may last for another three years.
