Quiet on the Set!
Posted by Jonathan Iannacone on Sat, Nov 24, 2007 @ 02:59 PM
If you've scheduled an appointment with us over the past few weeks you might have noticed that parking has been quite scarce in Back Bay lately. This is because there are no less than three major movies filming in our neighborhood with more set to film in the next few months. You might ask yourself, has Boston suddenly become the "it" place to be? Why here, why now? I can tell you the simple answer...Tax Credits.
According to an October 12th Boston Business Journal article "A Trickle-Down Story from Hollywood", major movies have spent $154 million in Massachusetts since a new Tax Credit came into effect in 2006. This compares to $67 million spent over the 7 years before the legislation. I would say the credit has been pretty effective so far, wouldn't you?
If you can look past the inconvenience of that large production trailer sitting in your preferred parking spot, you will arrive at a fundamental truth: the Tax Code might be the single most effective tool the government has to influence behavior. Think 401ks, home ownership and sales tax holidays. Using the Tax Code works and it helps to supercharge economic activity.
These movies need actors, extras, costumes, makeup artists, storage facilities and movers. This is in addition to places to eat, sleep and shop. Translation: jobs. So the next time you see Kate Hudson walking down Newbury Street, be sure to thank her for doing her part to help the Massachusetts economy keep on rolling.
All the recent movie activity has given me an itch to write about what you can learn about business at the movies. In the next few weeks, I will pick a few favorites that I feel teach the most about successful business practices. Get your popcorn ready!