@andrew@law So, round numbers assuming 100% goes to wages of highly-paid out-of-state labor:
$1m in tax credits nets $3m in wages taxed at (round up) 6% nets only $180k in income taxes. Not great and certainly not the multiplier of 3 traditionally asserted. But the alternative isn't $1m in taxes, it's zero.
Didn't GA have to raise sales taxes to fund a stadium? And gift land? That's the kind of direct subsidy that would move film into the deficit category.