Film incentive program is a plus for state economy. But by how much?

Very hard to say. The state's tax credit program for movies and TV shows, which was enacted in 2009 to stem the increased amount of runaway production, has returned $201 million in state and local tax revenue on an investment of $200 million, according to a study by the L.A. Economic Development Corp. Or, put another way, $1.06 comes back for every $1 taken out (add another 7 cents when factoring in ancillary revenue). That's not exactly a heart-thumping return on investment. In presenting the report today state officials were quick to grab onto other, more impressive-sounding statistics: That more than $3.8 billion in economic output has been generated in the program's first two years, and that more than 20,000 jobs are being supported. Thing is, these numbers don't have much context - they're largely based on estimates and extrapolations. To be fair, the program has clearly generated additional business to the state, which is good, but a giveaway that's aimed at a single industry still rubs me the wrong way - especially an industry that is in no danger of leaving town (despite what some boosters might say). Anyway, here's the report.