Film tax credits are definitely big business. I doubt that they are very helpful to economies of the states that provide them, but they do probably help some otherwise commercially nonviable films get made.
Here's the warning: when investing in film tax credits, whether directly or by accepting them as security for loans, make sure your film and its business structure actually qualify. If the credit is disqualified because of an audit or other failure of paperwork, the taxpayer who received it will be the one to repay it.
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