The fate of the MA Film Tax Credit (FTC) received encouraging news recently as the Vice Chairman of the Joint Committee on Revenue publically wrote about his support of the FTC. Tim Toomey, State Representative for the 26thMiddlesex District, penned a guest column for wickedlocal.com discussing his support.
In State Representative Toomey’s column, which can be read in full here, he makes the important distinction of separating the earned income tax credit (EITC) from the FTC; a comparison that Governor Baker has forced by suggesting the funding of the expansion of the EITC come through the reduction of the FTC. State Representative Toomey’s point is one that has been championed by many individuals to the Joint Committee on Revenue, and in articles written across Massachusetts, as it is not necessary to make this conversation an EITC vs. FTC debate. Both credits stand as vital economic impactors to the Commonwealth. State Representative Toomey cuts to the heart of the matter in identifying that the FTC is not just about Hollywood, it’s about the same class of individuals the EITC supports. Removing the FTC in place of the EITC would be the equivalent of robbing Peter to pay Paul – it would result in the loss of low and middle class income jobs, the same classes of people the EITC is trying to support.
While the final decision regarding this matter has yet to be made, is it very encouraging that an individual of State Representative Toomey’s status on the Joint Committee on Revenue has come out in support of the FTC.