Apr 29, 2008 11:03 pm US/Eastern
Studio Could Turn Bay State Into 'Hollywood East'
BOSTON (WBZ) ―
Lights, camera, action. It's all about the Bay State and why movie executives want to make it the Hollywood of the East.
On Tuesday, Massachusetts got its first look at plans to build a $300 million movie studio complex in Weymouth.
Movie industry executives were in town Tuesday, and they say they're ready to build if Beacon Hill lawmakers are ready to hand over the tax credits.
The mega movie studio complex in Weymouth would include 50,000 square feet of studios, stages, and sets.
The Weymouth site is 30 acres of commercial property, which is actively being prepared in the new development known as Southfield.
If the movie studio and sets are eventually built, all those buildings would be torn down and replaced with what supporters describe as "Hollywood East."
"We will have a first class state of the art digital media studio that will rival anything in the world," said Allan Kassirer with the International Studio Group.
In their first TV interview, three of the executives from International Studio Group sat down with WBZ's Joe Shortsleeve.
"If the legislation were passed into law tomorrow, probably within 90 days we would have shovels in the ground," Kassirer said.
The legislation he is talking about would give studio owners a 20 percent tax credit if they make Massachusetts their home.
The state already offers movie producers a tax credit if they shoot a movie in Massachusetts. And they are showing up in large numbers.
The new legislation, which is expected to be approved next month, would give the studio owners a separate credit to build here -- 20 cents on every dollar.
Representative Ron Mariano, the bill's sponsor, defends multiple credits for one industry.
"We are creating an industry here and we are not giving anything away unless you make a commitment to build here in Massachusetts," he said. "We want to encourage this industry. It would be good for Massachusetts."
The tax credits for studio owners are credits against future income tax. If they spend $100 million dollars they would get a $20 million credit against future income taxes.
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