Recent reports on Massachusetts tax have revealed that tax breaks provided by state government to local entertainment industry are not a financially viable option. It has been stated that any MA tax incentive provided to film industry is not worthwhile as not many films are coming their way anyways.
While discussing on Mass. tax it has been argued that since Los Angeles and New York have absolute monopoly over other cities as far as films are concerned any tax credit provided to film industry would not be of much use anyways.
However, as per Nick Paleologos who is supreme of Massachusetts Film Office has annulled such views and has said any benefit of tax of Massachusetts provided to local film industry can actually play a significant role as far as growth and prosperity of state economy is concerned.
A number of economic exponents have said that providing breaks from tax in Massachusetts to private companies is a complete waste of money provided by payers of tax at Massachusetts as these entertainment companies are already doing very well financially and do not need any Massachusetts tax break as such.
However, Massachusetts tax breaks provided to entertainment industry has found its backers from higher echelons of state governance. Brian Wallace who acts as a State Representative in this east American state has said that this Massachusetts tax break has been financially beneficial for state as it has led to creation of jobs. State has earned $535 million by way of fresh revenue. A number of studios are coming up in locations like South Boston, Plymouth and Weymouth. All these factors point to potentiality of film industry to contribute to local economic progress.
As per latest news a number of teen age kids in Western Massachusetts have made a joint effort in order to raise rates of Massachusetts tax on tobacco based products with exception of cigarettes. In recent times, with cigarettes being taxed, people have turned their attention towards other tobacco based products. These students are demanding that taxes imposed on various tobacco products should be increased. On 1st of July 2008 rates of Massachusetts tax on cigarettes was increased by $1. That meant new rates of cigarette taxes in that state at that point of time were $2.51 for each pack of cigarettes.