Changing Policy.
Improving Lives.
Louisiana Film Tax Credits: Costly Giveaways to Hollywood
By Tim Mathis
Imagine you run a business and the government hands you a check to cover one-third of your total expenses. If you’re in
the movie business in Louisiana, there is no need to use your imagination. Because that’s exactly what state government
does to lure the film industry.
The Louisiana film tax credit program—born in 1992 and vastly expanded
in 2002—has mushroomed into one of the nation’s costliest.1 As the
state’s investments in education, health care, infrastructure, and other
critical services have faced a series of severe cuts, the subsidies paid to
Hollywood continue to grow—29 percent over the most recent
fiscal year. Louisiana paid $231 million in credits in 2011-12, bringing the
state’s total film spending to more than $1 billion over the past decade
(Figure 1).
“
Louisiana lawmakers
ought to rein in the growing
costs to state taxpayers by
capping or reducing these
Unfortunately, the returns to the state on this investment, like many
subsidies and reallocating
of the movies made here, have been a flop. While the subsidies have
helped create film industry jobs that weren’t here before, many of these
those dollars...
positions are temporary and have come at a steep cost to taxpayers, who
paid an average of more than $60,000 per direct job.
”
Louisiana lawmakers ought to rein in the growing costs to state taxpayers by capping or reducing these subsidies and
reallocating those dollars into endeavors that over the long haul will likely be more productive in creating jobs and building
a strong economy.
Background
Louisiana in 1992 was the first state to roll out a major film subsidy program. A decade later, in 2002, the Legislature
greatly expanded the film credits, which spurred significant growth in the state’s film industry. Movie projects—and jobs—
came to the state as new film studios, camera and lighting services, soundstages and post-production facilities sprouted up.
Although the program was originally slated to begin phasing out in 2010, the Legislature instead decided to make it
permanent in 2009.
Louisiana subsidizes the film industry by issuing tax credits to production companies. The tax credits can be used to reduce
the amount owed in state income tax. But companies that owe no state taxes can still profit from the credits by selling
them back to the state or to third parties. This is the case with many out-of-state motion picture investors.
The Motion Picture Industry Development Tax Credit, administered by the Louisiana Department of Economic
Development (LED), currently allows:
• Film productions that spend more than $300,000 to qualify for a tax credit of 30 percent of all in-state
expenditures such as set construction, wardrobes, makeup, lighting and sound editing, facility and vehicle rentals,
food and lodging, and visual effects.
A Louisiana Budget Project Report
August 2012
1
• An additional tax credit of 5 percent on payroll spent on Louisiana residents (those who maintain a permanent
home and spend more than six months each year within the state) working on film sets, as long as the salary does
not exceed $1 million.2
State officials insist that the movie tax credit program is a success, pointing to the increase in the number of films shot in
Louisiana. And, by that measure, they are right: An estimated 118 films were produced in Louisiana in 2010, up from only
one in 2002.
But simply increasing the number of films
shot in the state is not the appropriate
standard of success. Many economists argue
that government subsidies that help small
“infant” industries struggling to get off the
ground can be appropriate in some
circumstances. But such initial support
should not turn into permanent corporate
welfare, as it has with film industry tax
credits in Louisiana. If subsidies do not lead
to a self-sustaining industry, able to
compete and provide permanent jobs
without government help, then the state
needs to invest elsewhere. By this more
appropriate standard, Louisiana’s film tax
credit program has failed. Rather than
creating permanent, good-paying jobs,
Louisiana’s program simply “rents” jobs,
many of which would disappear without
the subsidy.
Figure 1: Louisiana has spent more than $1 billion
on subsidies to film productions.*
(in millions)
$250
$231.0
$200
$179.5
$165.6
$150
$134.6
$92.0
$100
$70.4
$47.4
$50
$0
$101.0
$0.0
$1.5
$1.5
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Source: Louisiana Department of Revenue
*
Investment, Employment and Infrastructure
Subsidies Louisiana Can’t Afford
Louisiana spends more than any other state on film tax credits, when measured as a percentage of the state general fund.3
This spending spree has helped Louisiana to lure a large number of “runaway productions” from Hollywood, films that seek
out the economic benefits of tax breaks. As other states and countries offer their own tax credits to film productions,
Louisiana responds by offering increasingly lucrative incentives just to keep up (see Appendix A and C for more detail).
What has the state received for all this investment? The short answer: Not much.
One common justification for government subsidies is that the state treasury ultimately ought to benefit from film industry
jobs and spending, with more funds available for investments in education, health care, infrastructure, public safety and
other vital services. But a recent independent study tells a much different story.
In 2010, film production in Louisiana generated $27 million in state tax revenues and $17.3 million in local tax revenues,
according to an analysis by the BaxStarr Consulting Group. This compares to the $196.8 million the state spent on film tax
credits.4 In other words, for every dollar of revenue the state received, the state paid $7.29. People are getting rich on this
deal, and it’s not Louisiana taxpayers.
Those findings were backed up by an earlier report from Greg Albrecht, the chief economist of the Louisiana Legislative
Fiscal Office. Albrecht’s 2005 study estimates that state government can expect to recover only 16 to 18 percent of tax
revenue lost to film tax credits. And according to the latest figures from LED, Louisiana recovered approximately 16 percent
in 2008, 14.2 percent in 2009, and 13.7 percent in 2010.5
2
Film tax credits are not the only entertainment media subsidy on which Louisiana loses money. The Live Performance
Production Tax Credit Program—which subsidizes theater productions—costs taxpayers $4.17 for every dollar earned.
The Digital Interactive Media Tax Credit Program (which subsidizes video-game makers and smart-phone
applications developers) costs $10.69 for every tax dollar earned.
The most recent LED-sponsored study on film tax credits points out that productions are spending more of their overall
budgets within Louisiana—almost two-thirds in 2010. This is not surprising, given that Louisiana’s generous subsidy only
applies to in-state expenditures and more locally-owned firms are able to provide services.
But even if productions spent their entire budgets on goods and services in Louisiana, the state would not be able to
recoup its losses. Instead, the state’s justification recalls that old business fable about losing money on every sale but
making it up on volume. For example, suppose the state were able to collect the maximum amount of taxes from those
employed with the film industry—6 percent on income taxes and 4 percent on sales taxes. The revenue would still fall far
short of the 35 percent lost through subsidies. Film subsidies don’t pay for themselves, and the general public ultimately
bears the cost of these expensive outlays.
Another argument for film subsidies is that the money production companies spend in Louisiana creates ripple effects
throughout the state’s economy, or what economists refer to as “multiplier effects.” As film productions spend money on
goods and services in Louisiana, they support an array of individuals and businesses that, in turn, spend that money in the
local economy. But Albrecht’s analysis says the multiplier effects are “quite small.”6 Much of that spending goes towards
goods and services produced outside of Louisiana and salaries paid to non-residents who are less likely to spend a
significant portion of their earnings in-state.
Because the state government must balance its operating budget each year, every dollar that is spent on tax credits is a
dollar that isn’t available for services that people look to state government to provide, such as education and health care.7
Because the subsidy is open-ended, available to any production that applies, it will become more fiscally unsustainable the
more it succeeds in attracting productions to the state. On the other hand, if Louisiana were to cancel or scale back its film
subsidy program, it would immediately free up money to spend on more urgent priorities.
Transferable Tax Credits Benefit the Wealthy and Don’t Help the Economy
Louisiana’s film tax credits are “transferable” and “refundable.” That means any tax credit not used by a production
company earning the credit—either because the company’s Louisiana income tax liability is less than the amount of the
credits earned, or because the company owes no state income tax—may be transferred to another Louisiana taxpayer.
Corporations and individuals that buy the credits can then use them to offset their state tax liability. Unused credits can
also be sold directly back to the state for 85 percent of their original value.
Twenty-six states and Puerto Rico make their film tax credits either transferable or refundable.8 Only three states, including
Louisiana, allow both.
While anyone is free to reduce their state tax liability with film credits, the reality is that most of the benefits flow to a
few wealthy taxpayers. Brokers generally sell credits in $10,000 units, making them almost exclusively available to higher
income earners.9 Many buyers use them to lower their liability on their state income taxes. For example, a wealthy taxpayer can pay a broker $7,500 for $10,000 in state-certified tax credits that reduce their tax liability, for a net gain of $2,500.
In 2009, 2,056 individual Louisiana taxpayers claimed credits out of more than 2 million individual income tax returns
processed—only one-tenth of 1 percent. Nearly two-thirds of those claiming the credit—63.1 percent—reported net
incomes above $1 million, while 92.2 percent had taxable incomes above $250,000. Most of the people claiming credits
are unaffiliated with the film industry and use them to reduce their tax liabilities. “In fact,” writes Albrecht, “the
purchase of credits by these residents is largely a reallocation of their savings portfolio.”10 In other words, wealthy
taxpayers who claim credits are more likely to save and invest their additional disposable income rather than spend it in
the state’s economy. This cuts down on any stimulating effect on our economy.
Louisiana Budget Project | www.labudget.org
P.O. Box 66558, Baton Rouge, LA, 70898 | 225.929.5266
3
Louisiana is one of 15 states where film tax credits are refundable,
which essentially turns the program into a grant by allowing
companies and individuals to simply sell their certified credits back
to the state instead of transferring them to a third party through a
broker. While brokers typically charge a transaction fee to transfer the
credits to another taxpayer, the state will buy them back for 85 cents
on the dollar. Last year alone, for example, Louisiana paid $26.3
million to Warner Brothers for the film Green Lantern.
Since the state upped the buy-back program from 74 percent of face
value to 85 percent, the amount directly paid to film productions rose
from zero in 2008-09 to $110 million in 2011-12. The buy-back
program now constitutes 48 percent of the film subsidy program
(Figure 2).11
Figure 2: Film Tax Credits Claimed*
(in millions)
$250
$200
$150
$100
$50
Subsidizing Episodic Employment in Louisiana
$0
In traditional economic development deals, the state makes an
2009
2010
2011
2012
investment in infrastructure—or temporary tax abatement—to
Applied Against Corporation Income Taxes
incentivize the location of a factory or office in the state. The jobs
Applied Against Individual Income Taxes
created by the state’s investment continue to exist without further
Credits Sold Back to State
assistance from the state. Employment in film production, on the
other hand, is mostly short-term, as shown in Louisiana’s film industry Source: Louisiana Department of Revenue
*
employment data. After almost a decade of investment in film tax
Investment, Employment and Infrastructure
credits, the number of direct jobs in the film industry in 2010 was
2,829, and just over 2,500 in 2011, according the federal Bureau of Labor Statistics (Figure 3). That’s a cost per direct job of
more than $60,000, based on the cost of film tax credits in 2010. More importantly, in order to keep many of those jobs in
Louisiana, the state must continue to pay year after year.12
While some businesses have sprouted up across the state to serve the motion picture industry, the vast majority of
positions subsidized by the credit are temporary. According to an estimate from the Office of Entertainment Industry
Development, average employment in the state film industry lasts between four and six months. This leaves many workers
unemployed afterwards, although some are able to move from one production to another over the course of a year.
However great the job growth, the fact remains that the state must continue to pay in order to retain the jobs, which is an
unwise use of public funds.
In addition to their high cost to taxpayers and small numbers, jobs in the film industry are highly unstable from month to
month. That tells us that most of the jobs are temporary and part-time. According to the Louisiana Workforce Commission,
which reports monthly job numbers, there were 7,821 employees in the motion picture and sound recording industry in
Louisiana as of June 2008. Within seven months, employment had declined by 74 percent, down to 2,054 (see Appendix B).
Low-income families receive support in the form of income assistance or unemployment insurance benefits. These are
designed to be temporary, structured to help families during financial crises until they can secure full-time employment.
In contrast, Louisiana practices corporate welfare through the film tax credit program, permanently subsidizing a
multi-million dollar industry.
Louisiana Leads the Race to the Bottom
Since Louisiana began subsidizing the film industry, more than 40 other states and Puerto Rico have followed. States are
throwing money at film productions, trying to outdo each other by offering bigger and better subsidies. “The rapid spread of
film tax subsidies across the country is a classic case of a race to the bottom,” wrote Robert Tannenwald in a report for the
Center on Budget and Policy Priorities.14 In 2008, Michigan created numerous film tax credits for up to 42 percent of total
expenditures, and Georgia increased its own state tax credit by up to 30 percent. A year later, Louisiana raised the investor
credit from 25 percent to 30 percent and eliminated a planned phase-down.
Louisiana Budget Project | www.labudget.org
P.O. Box 66558, Baton Rouge, LA, 70898 | 225.929.5266
4
But states are now starting to wake up to the
fact that these giveaways are unaffordable
and unrealistic. In recent years, nine states
have suspended or eliminated their film
subsidy programs.15 Ultimately, it’s a race that
no state can win. By offering a permanent,
open-ended subsidy, Louisiana is effectively
held hostage by a highly mobile
film industry.
Recommendations
As the film credit program is currently
structured, there is no limit to Louisiana’s
potential revenue losses. Although film
subsidies have generated new economic
activity in Louisiana that would not otherwise
have come, the program is not selfsustaining, and the jobs created require
continuing subsidies.
In the meantime, the money spent to bring
film productions to Louisiana is money that
is not being spent to educate children, build
roads, provide health-care to the poor or
any other activities that help create jobs and
promote long-term economic growth.
Figure 3: Film subsidies produce meager employment in Louisiana.*
5000
3948
4000
3056
3000
2156
2000
1000
2829
2543
1515
2176
2510
1814
926 896
0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Source: Bureau of Labor Statistics (BLS) Quarterly Census of Employment and Wages
(NAICS 51211 Motion picture and video production, 51212 Motion picture and
video distribution, 51219 Postproduction and other related industries, and 7115
Independent artists, writers, and performers).
*
According to BLS, 2011 data is “preliminary.”
While a case could be made for eliminating film subsidies altogether, this would be politically impractical given the strong
support the program enjoys from the public and state policymakers. It also would be unfair to those who have made large
infrastructure investments in Louisiana with the expectations that subsidies would continue.
Still, there are several options to protect taxpayers by reining in the uncontrolled growth of this program, while still giving
filmmakers an incentive to choose Louisiana.
• Lower the generosity of the tax credits over a set period of time.
Louisiana needs to limit the cost to taxpayers without pulling the rug out from under the industry. Rather than
eliminating the subsidies outright, legislators can phase down the amount of the tax credit over a number of years to give
the film industry time to stand on its own with less public support.
• Place a monetary cap on the total amount of tax credits that can be claimed in a given fiscal year, as other states
have done.
Several states have capped their film credit programs or otherwise limited the amount of money they appropriate for
them. In December 2011, Gov. Rick Snyder of Michigan signed a bill that lowered the tax credit from 42 to 32 percent of
expenses, and converted the tax credit program into a direct appropriation financed through the state general fund. “In
doing this,” wrote Harry David at the Tax Foundation, “Michigan recognizes, if only implicitly, that tax credits are indeed
subsidies.”16
If Louisiana followed suit, it would provide fiscal constraints and greater certainty in the annual budgeting process, while
increasing transparency as the public becomes more aware of the true cost of film subsidies.
Louisiana Budget Project | www.labudget.org
P.O. Box 66558, Baton Rouge, LA, 70898 | 225.929.5266
5
Louisiana could also look to New Mexico, which capped
its program at $50 million per year. In a process known
as a “rolling cap,” the state allows productions to carry
leftover tax credits over into the ensuing fiscal year
once the cap is reached. Not only does this make film
subsidies part of the general appropriations process,
it also provides the industry with the predictability it
needs to make investment decisions.
States that have Suspended, Unfunded, or Eliminated Film Subsidy
Programs Since 2010
Arizona
Eliminated
Arkansas
No Funds Appropriated
Idaho
No Funds Appropriated
Indiana
Expired
Iowa
Suspended
Maine
No Funds Appropriated
New Jersey
Suspended
South Dakota
Expired
Washington
Eliminated
The film industry will argue that only an open-ended,
permanent subsidy will provide the certainty it needs
to invest in a two- or three-year production in
Source: The Tax Foundation.
Louisiana. But legislators should keep in mind that
public school teachers, nurses and doctors at charity
hospitals, public safety officers, and others who rely on state spending decisions also need certainty to be successful.
Any meaningful reform to Louisiana’s film program should stop the state from handing out a blank check to rent-seeking
productions.
There are multiple ways a cap can work. Legislators could cap the total amount of film credits per year or they could limit
how much each production can receive. Either way, these changes would reduce costs compared to the current
open-ended film tax credits.
• Eliminate the transferability of film tax credits.
The current system of transferability is inefficient, and creates profits for middlemen and others who have no connection
to film production. As a state consultant noted in a recent study: “(T)he process involves accountants, lawyers, and other
middlemen, who also must be paid for their services…Every step in this process chips away some of the value from the
incentive.”17 Since most film productions have little or no tax liability, their credits often get sold to brokers at a discount.
This diminishes the impact of the tax credit for the film production that was supposed to benefit from the subsidy in the
first place, while wealthy taxpayers with no connection to the project get a break on their tax bill.
If legislators decide that film production is important enough to continue subsidizing with taxpayer dollars, a better system
would be to only make the credit refundable.
This would make the program more like a traditional appropriation, and would increase the efficiency of the program by
cutting out the middleman. Moreover, productions often receive a refund check within 30 days of filing their tax return—
a better deal for filmmakers than waiting months for a broker to sell the tax credit.18
Conclusion
Policymakers need to stop focusing on Louisiana’s box office rankings and worry more about the rankings that matter—
Louisiana’s ranking as one of the poorest, unhealthiest, and least educated states in the country. Spurring long-term job
growth is critical to improving the state’s economy, and tax dollars are best spent toward investments that lead to highquality and, more importantly, lasting jobs. Otherwise, Louisiana is not creating jobs, we’re just renting them.
About the Louisiana Budget Project
The Louisiana Budget Project (LBP) provides independent, nonpartisan research and analysis of Louisiana fiscal issues
and their impact on Louisiana families and businesses. We seek to bring wider prosperity to Louisiana though a deeper
understanding of the state budget, broadening fiscal policy debates, and increasing public participation in decision-making.
As part of the State Fiscal Analysis Initiative’s 42 state budget projects that are coordinated by the national Center on
Budget and Policy Priorities, we uphold a commitment to issuing work that is Credible, Timely, and Accessible.
Louisiana Budget Project | www.labudget.org
P.O. Box 66558, Baton Rouge, LA, 70898 | 225.929.5266
6
___________________________
End Notes
1
Tannenwald, Robert. “State Film Subsidies: Not Much Bang for Too Many Bucks.” Center on Budget and Policy Priorities. December 2010.
http://www.cbpp.org/files/11-17-10sfp.pdf
2
R.S. 47:6007
3
Based on calculations by the Louisiana Budget Project.
4
Baxter, Cheryl Louise. “Fiscal & Economic Impact Analysis of Louisiana’s Entertainment Initiatives.” Bax Starr Consulting Group, LLC.
April, 2011.
http://www.louisianaentertainment.gov/images/louisiana_entertainment_2011_economic_impact_analysis.pdf
5
Baxter, 25.
6
Albrecht, 4.
7
Ibid., 3.
8
Luther, William. “Movie Production Incentives: Blockbuster Support for Lackluster Policy.” Tax Foundation. January 2010.
http://www.taxfoundation.org/files/sr173.pdf
9
Dorothy Pomerantz. “Tinseltown Tax.” Forbes. March 27, 2006.
10
Albrecht, 6.
11
Louisiana Department of Revenue.
12
Grand, John. “Motion Picture Tax Incentives: There’s No Business Like Show Business.” State Tax Notes. March 2006.
http://taxprof.typepad.com/taxprof_blog/files/2006-2997-1.pdf
13
14
15
16
Christopherson, Susan and Ned Rightor. “The Creative Economy as ‘Big Business’: Evaluating State Strategies to Lure Filmmakers.”
Journal of Planning, Education, and Research. December 21, 2009.
Tannenwald, Robert. “Press Release: Tax Subsidies to Attract Film and TV Productions Don’t Pay Off for States.” Nov. 2010.
http://www.cbpp.org/files/11-17-10sfp-pr.pdf
Henchman, Joseph. “More States Abandon Film Tax Incentives as Programs’ Ineffectiveness Becomes More Apparent.” Tax Foundation. June 2011.
David, Harry. “Michigan Scales Back Its Movie Production Incentives Program.” Tax Foundation Tax Policy Blog. January 4, 2012.
http://taxfoundation.org/blog/michigan-scales-back-its-movie-production-incentives-program
17
Baxter, 46.
18
Ibid.
Louisiana Budget Project | www.labudget.org
P.O. Box 66558, Baton Rouge, LA, 70898 | 225.929.5266
7
Appendix A
Motion Picture Investor Tax Credit as of 6/2012
Fiscal Year
2006
2007
2008
2009
2010
2011
2012
Applied against Applied against Amount Paid
Corporation
Individual
on Credits Sold
Income Taxes Income Taxes Back to State
$25,463,708
$27,573,849
$5,879,724
$3,906,030
$10,930,128
$22,792,352
$48,647,591
$35,849,392
$101,436,142
$83,510,837
$96,244,187
$130,005,471
$88,625,853
$71,297,653
$0
$0
$0
$0
$23,280,222
$62,660,337
$109,722,108
Total
$61,313,100
$129,009,991
$89,390,561
$100,150,217
$164,215,821
$174,078,542
$229,667,352
LA Motion Picture Incentive Program as of 6/2012
Fiscal Year
2005
2006
2007
2008
2009
2010
2011
2012 to date
Total
Applied against
Applied against
Corporation
Individual
Income or
Income Taxes
Franchise Taxes
$83,670
$8,107,801
$4,102,238
$1,658,005
$185,798
$768,754
$4,982,979
$931,238
$20,820,483
$1,953,664
$977,452
$1,526,703
$916,070
$631,294
$593,385
$411,897
$418,633
$7,429,098
*Sales & Use Tax Exclusion expired 1/1/2006
Source: Louisiana Department of Revenue
Sales & Use
*
Tax Rebate
$8,827
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$8,827
Buy backs
Total
N/A
N/A
N/A
unknown
unknown
unknown
unknown
$0
$0
$2,046,161
$9,085,253
$5,628,941
$2,574,075
$817,092
$1,362,139
$5,394,876
$1,349,871
$28,258,408
Appendix B
Monthly Employment in Louisiana’s Motion Picture and Sound Recording Industry
(01/2001 through 09/2011)
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
01
02
03
Source: Louisiana Workforce Commission
04
05
06
07
08
09
10
11
Appendix C
YEAR
ID NUMBER
PRODUCTION NAME
2006
2007
2008
2010
2010
2009
2010
2011
2009
2010
2009
2010
2011
2009
2010
2010
2009
2010
2010
2009
2009
2010
2011
2009
2010
2010
2010
2010
2010
2010
2011
2010
2009
2010
2010
2009
2010
2009
2010
2009
2010
2010
2010
2011
2010
2010
2010
2010
2010
0480‐2009
0480‐2009
0480‐2009
0480‐2009
0491‐2009
0493‐2009
0493‐2009
0493‐2009
0495‐2009
0495‐2009
0509‐2009
0509‐2009
0509‐2009
0513‐2009
0513‐2009
0516‐2009
0524‐2009
0524‐2009
0525‐2009
0528‐2009
0533‐2009
0533‐2009
0533‐2009
0535‐2009
0535‐2009
0541‐2009
0542‐2009
0543‐2009
0544‐2009
0544‐2009
0544‐2009
0545‐2009
0548‐2008
0555‐2009
0561‐2009
0565‐2009
0565‐2009
0582‐2010
0582‐2010
0586‐2010
0586‐2010
0587‐2010
0588‐2010
0588‐2010
0589‐2010
0592‐2010
0593‐2010
0598‐2010
0600‐2010
Global Assets Global Assets Global Assets Global Assets Brawler
The Fantastic Flying Books of Mr. Morris Lessmore
The Fantastic Flying Books of Mr. Morris Lessmore
The Fantastic Flying Books of Mr. Morris Lessmore
Jaws of the Mississippi
Jaws of the Mississippi
the Sean Payton Show
the Sean Payton Show
the Sean Payton Show
Snatched
Snatched
The Mechanic
Julia X
Julia X
Secretariat
EA Sports Commercials
Mortician
Mortician
Mortician
Saintsatioinal
Saintsatioinal
Seconds Apart
Area 51
Scream of the Banshee
Drive Angry
Drive Angry
Drive Angry
Quad Fair 2
Fight or Flight
Earthbound
Hungry Rabbit Jumps
The 6 Month Rule
The 6 Month Rule
Red
Red
Treme ‐ Season 1
Treme ‐ Season 1
the Gates
Flypaper
Flypaper
the Ledge
If God is Willing and the Creek Don't Rise
LA Art Show
the Power of Few
Swamp Shark
SUBTOTALS: $ 673,026,990.89 $ 121,084,796.40 $ 1,011,662,442.74 $ 201,908,106.27
ACTUAL LA ACTUAL LA ACTUAL LA ACTUAL TOTAL COMPANY NAME (FINAL)
EXPENDITURES TAX EXPENDITURES
PAYROLL
BUDGET
CREDITS
Wishlist Picture
$ 381,985.98 $ 54,837.72 $ 758,128.92 $ 114,595.79
Wishlist Picture
$ 308,461.78 $ 84,607.91 $ ‐
$ 92,538.53
Wishlist Picture
$ 1,826.00 $ 1,826.00 $ ‐
$ 547.80
Wishlist Picture
$ 2,200.00 $ ‐
$ ‐
$ 660.00
River Pilot Productions
$ 517,828.00 $ 92,242.00 $ 545,000.00 $ 155,348.40
Moonbot Studios
$ 208,233.00 $ 122,767.00 $ 2,392,271.00 $ 62,469.90
Moonbot Studios
$ 1,688,645.00 $ 1,238,127.00 $ ‐
$ 506,593.50
Moonbot Studios
$ 8,778.00 $ ‐
$ ‐
$ 2,633.40
Active Entertainment
$ 816,314.65 $ 244,894.40 $ 1,503,166.43 $ 244,894.40
Active Entertainment
$ 574,157.10 $ 172,247.13 $ ‐
$ 172,247.13
Horizon
$ 986,252.15 $ 191,146.00 $ 5,383,866.60 $ 295,875.65
Horizon
$ 1,563,289.48 $ 714,368.00 $ ‐
$ 468,986.84
Horizon
$ 2,194,146.94 $ 970,140.00 $ ‐
$ 658,244.08
Snatched the Movie, LLC
$ 1,952,273.64 $ 732,610.58 $ 2,115,091.02 $ 585,682.09
Snatched the Movie, LLC
$ 57,495.00 $ 28,125.00 $ ‐
$ 17,248.50
Nu Image
$ 2,356,142.00 $ 8,402.00 $ 5,931,054.00 $ 706,842.60
Julia X LLC
$ 66,201.00 $ ‐
$ 1,285,251.00 $ 19,860.30
Julia X LLC
$ 502,761.00 $ 67,208.00 $ ‐
$ 150,828.30
Walt Disney
$ 1,089,596.00 $ ‐
$ 8,175,000.00 $ 326,878.80
Horizon
$ 469,970.30 $ 234,552.22 $ 494,471.04 $ 140,991.09
Mortician US, LLC
$ 179,139.00 $ 85,443.45 $ 629,001.67 $ 53,741.70
Mortician US, LLC
$ 207,265.97 $ 15,914.28 $ ‐
$ 62,179.79
Mortician US, LLC
$ 23,138.46 $ 3,840.82 $ ‐
$ 6,941.54
Horizon
$ 2,602,229.64 $ 561,350.00 $ 5,019,361.38 $ 780,668.89
Horizon
$ 887,082.74 $ 502,325.00 $ ‐
$ 266,124.82
Signature Pictures
$ 356,292.23 $ 10,860.38 $ 365,747.05 $ 106,887.67
Signature Pictures
$ 699,893.92 $ 52,020.40 $ 700,447.86 $ 209,968.18
Signature Pictures
$ 532,289.01 $ 10,824.00 $ 533,545.39 $ 159,686.70
Nu Image
$ 2,263,400.00 $ 1,305.00 $ 3,848,089.00 $ 679,020.00
Driven Financing, LLC/Driven Productions, LLC $ 186,213.00 $ 62,255.00 $ 2,380,295.00 $ 55,863.90
Driven Financing, LLC/Driven Productions, LLC $ 103,520.00 $ ‐
$ ‐
$ 31,056.00
Quad Fair Productions
$ 314,392.50 $ 18,631.61 $ 514,352.00 $ 94,317.75
Marquis Productions
$ 548,962.70 $ 59,801.67 $ 775,000.00 $ 164,688.81
Earthbound Productions
$ 256,193.86 $ 33,331.00 $ 5,832,926.00 $ 76,858.16
Endgame
$ 3,061,704.24 $ 575,009.00 $ 3,717,051.00 $ 918,511.27
The 6 Month Rule, LLC
$ 16,790.91 $ ‐
$ 1,290,699.00 $ 5,037.27
The 6 Month Rule, LLC
$ 891,212.55 $ 195,400.67 $ ‐
$ 267,363.77
Summit Entertainment
$ 47,050.00 $ 2,895.00 $ 64,093,094.00 $ 14,115.00
Summit Entertainment
$ 9,100,125.61 $ 2,225,306.00 $ ‐
$ 2,730,037.68
HBO
$ 6,429,236.00 $ 2,481,980.00 $ 38,617,493.00 $ 1,928,770.80
HBO
$ 24,162,442.00 $ 8,631,426.00 $ ‐
$ 7,248,732.60
20th Century Fox
$ 21,847,220.00 $ 6,273,190.00 $ 28,499,522.00 $ 6,554,166.00
After Dark / Signature Films
$ 708,798.51 $ 31,502.65 $ 10,250,000.00 $ 212,639.55
After Dark / Signature Films
$ 520,298.87 $ 3,435.00 $ ‐
$ 156,089.66
Signature Pictures
$ 540,806.27 $ 10,000.00 $ 502,836.00 $ 162,241.88
30 Acres & a Mule Productions / HBO
$ 980,233.00 $ ‐
$ 2,843,934.00 $ 294,069.90
Art Show Productions
$ 13,666,065.00 $ 3,112,111.00 $ 20,025,000.00 $ 4,099,819.50
Power of Few Prods
$ 3,769,628.52 $ 796,803.96 $ 4,510,000.00 $ 1,130,888.56
Swamp Productions, LLC
$ 12,216.94 $ 3,826.96 $ 327,784.00 $ 3,665.08
$ 6,054,239.82
ACTUAL LA PAYROLL TAX CREDITS
$ 2,741.89
$ 4,230.40
$ 91.30
$ ‐
$ 4,612.10
$ 6,138.35
$ 61,906.35
$ ‐
$ 12,244.72
$ 8,612.36
$ 9,557.30
$ 35,718.40
$ 48,507.00
$ 36,630.53
$ 1,406.25
$ 420.10
$ ‐
$ 3,360.40
$ ‐
$ 11,727.61
$ 4,272.17
$ 795.71
$ 192.04
$ 28,067.50
$ 25,116.25
$ 543.02
$ 2,601.02
$ 541.20
$ 65.25
$ 3,112.75
$ ‐
$ 931.58
$ 2,990.08
$ 1,666.55
$ 28,750.45
$ ‐
$ 9,770.03
$ 144.75
$ 111,265.30
$ 124,099.00
$ 431,571.30
$ 313,659.50
$ 1,575.13
$ 171.75
$ 500.00
$ ‐
$ 155,605.55
$ 39,840.20
$ 191.35
$ 207,962,346.09
TOTAL TAX CREDITS CERTIFIED
CERTIFIED DATE
$ 117,337.68
$ 96,768.93
$ 639.10
$ 660.00
$ 159,960.50
$ 68,608.25
$ 568,499.85
$ 2,633.40
$ 257,139.12
$ 180,859.49
$ 305,432.95
$ 504,705.24
$ 706,751.08
$ 622,312.62
$ 18,654.75
$ 707,262.70
$ 19,860.30
$ 154,188.70
$ 326,878.80
$ 152,718.70
$ 58,013.87
$ 62,975.51
$ 7,133.58
$ 808,736.39
$ 291,241.07
$ 107,430.69
$ 212,569.20
$ 160,227.90
$ 679,085.25
$ 58,976.65
$ 31,056.00
$ 95,249.33
$ 167,678.89
$ 78,524.71
$ 947,261.72
$ 5,037.27
$ 277,133.80
$ 14,259.75
$ 2,841,302.98
$ 2,052,869.80
$ 7,680,303.90
$ 6,867,825.50
$ 214,214.69
$ 156,261.41
$ 162,741.88
$ 294,069.90
$ 4,255,425.05
$ 1,170,728.75
$ 3,856.43
6/2/2011
6/2/2011
6/2/2011
6/2/2011
2/16/2011
3/31/2011
3/31/2011
3/31/2011
1/11/2011
1/11/2011
6/22/2011
6/22/2011
6/22/2011
11/15/2011
11/15/2011
4/19/2011
11/15/2011
11/15/2011
10/7/2011
3/17/2011
11/15/2011
11/15/2011
11/15/2011
2/2/2011
2/2/2011
3/17/2011
1/11/2011
5/5/2011
1/19/2011
12/2/2011
12/2/2011
2/24/2011
1/24/2011
5/4/2011
4/19/2011
12/14/2011
12/14/2011
3/17/2011
3/17/2011
1/24/2011
1/24/2011
1/20/2011
7/12/2011
7/12/2011
4/19/2011
9/6/2011
3/24/2011
3/24/2011
11/15/2011
2011
2010
2010
2010
2011
2010
2011
2009
2010
2009
2010
2010
2010
2011
2011
2010
2010
2011
2010
2009
2010
2011
2009
2010
2010
2011
2011
2010
2010
2010
2010
2010
2010
2011
2010
2010
2010
2009
2010
2010
2010
2011
2010
2011
2010
2011
2010
2010
2010
2011
2010
2011
2010
0600‐2010
0601‐2010
0605‐2010
0605‐2010
0605‐2010
0606‐2011
0606‐2011
0607‐2010
0607‐2010
0612‐2010
0612‐2010
0615‐2010
0617‐2010
0617‐2010
0617‐2010
0618‐2010
0619‐2010
0619‐2010
0622‐2010 0624‐2010
0625‐2010
0625‐2010
0626‐2010
0626‐2010
0630‐2010
0630‐2010
0632‐2010
0632‐2010 0637‐2010
0640‐2010
0642‐2010
0643‐2010
0643‐2010
0643‐2010
0645‐2010
0647‐2010
0647‐2010
0652‐2010
0652‐2010
0654‐2010
0655‐2010
0655‐2010
0656‐2010
0656‐2010
0657‐2010
0657‐2010
0658‐2010
0661‐2010 0662‐2010
0662‐2010
0666‐2010
0666‐2010
0667‐2010
Swamp Shark
The Big Uneasy
the Fields
the Fields
the Fields
Emancipated
Emancipated
Green Lantern
Green Lantern
Real World 24
Real World 24
Killing Karma (aka Inside Out)
Fury
Fury
Fury
Butter
Ghostbreakers
Ghostbreakers
Sunday Best 3
Billy the Exterminator ‐ Season 2
Billy the Exterminator ‐ Season 3
Billy the Exterminator‐ Season 3
Rivka ‐ the Series
Rivka ‐ the Series
Haywire
Haywire
Weather Wars
Weather Wars
the Chaperone
The Courier
Catch .44
Transit
Transit
Transit
New Orleans Tourism
Trespass
Trespass
Swamp People
Swamp People
Sports Trivia Clash
Never Back Down II
Never Back Down II
Chasing the Hawk
Chasing the Hawk
Dragon Eyes
Dragon Eyes
My Alien Mother
Escapee
Carjacked
Carjacked
Season of the Witch
Season of the Witch
Weapon
Swamp Productions, LLC
The Notions Department
Gideon Productions
Gideon Productions
Gideon Productions
Horizon
Horizon
Warner Brothers
Warner Brothers
MTV
MTV
WWE
LMS / Motion Picture Corporation
LMS / Motion Picture Corporation
Fury Investments, LLC
Carving Films
Slow Children at Play
Slow Children at Play
BET / Viacom
A & E
Exterminator Productions, LLC
Exterminator Productions, LLC
Louisiana Motion Pictures, LLC
Louisiana Motion Pictures, LLC
ascension films
ascension films
Active Entertainment
Active Entertainment
WWE
Films in Motion
Catch 44 Productions
Signature Pictures
Signature Pictures
Signature Pictures
Tropic Films, Inc.
Nu Image
Nu Image
CCCM Projects, LLC/A & E CCCM Projects, LLC/A & E Leverage Entertainment
Signature Pictures
Signature Pictures
WWE
WWE
After Dark / Signature Films
After Dark / Signature Films
Leverage Entertainment
Films in Motion
Films in Motion
Films in Motion
Films in Motion
Films in Motion
LMS / Motion Picture Corporation
$ 250,678.06
$ 542,425.37
$ 12,127,455.00
$ 163,093.00
$ 3,891.00
$ 409,590.51
$ 17,950.00
$ 3,370,292.00
$ 110,627,262.00
$ 346,994.00
$ 2,750,085.00
$ 5,122,579.00
$ 509,175.00
$ 792,673.00
$ 1,023,817.00
$ 8,772,834.34
$ 453,437.00
$ 399,890.00
$ 3,532,535.00
$ 982,125.00
$ 1,488,332.00
$ 195.00
$ 1,045,721.00
$ 9,735.00
$ 547,602.42
$ ‐
$ 855,580.00
$ 1,328,845.00
$ 5,712,179.00
$ 8,683,210.81
$ 8,738,186.00
$ 4,623,973.10
$ 155,122.35
$ 364,711.58
$ 405,837.00
$ 16,354,459.00
$ 18,064,903.00
$ 486,948.00
$ 26,866.00
$ 1,206,776.02
$ 4,213,590.50
$ 730,972.49
$ 5,529,013.00
$ 3,777.00
$ 3,155,867.00
$ 1,159,878.98
$ 380,788.59
$ 1,775,096.18
$ 1,175,580.73
$ 892,742.52
$ 7,239,459.38
$ 238,775.92
$ 1,237,746.00
$ 2,777.03
$ 216,190.37
$ 3,146,256.00
$ 11,598.00
$ ‐
$ 167,305.00
$ ‐
$ 228,548.00
$ 15,267,160.00
$ 13,682.00
$ 211,743.00
$ 1,876,602.00
$ ‐
$ ‐
$ 942.11
$ 1,347,475.00
$ 1,590.00
$ 22,375.00
$ 107,208.00
$ 99,784.00
$ 100,430.00
$ ‐
$ 51,400.00
$ ‐
$ 77,546.30
$ 17,163.30
$ 3,415.27
$ 174,656.04
$ 2,285,718.00
$ 2,154,207.10
$ 1,475,759.00
$ 1,036,916.11
$ 34,380.90
$ 8,274.62
$ 42,863.00
$ 1,608,241.00
$ 1,495,570.00
$ 74,253.00
$ 4,900.00
$ 349,253.47
$ 915,433.21
$ 119.77
$ 2,130,970.00
$ ‐
$ 804,845.53
$ 88,306.72
$ 105,287.30
$ 882,383.73
$ 469,400.21
$ 118,431.73
$ 2,110,550.94
$ 7,194.66
$ 486,564.00
$ ‐
$ 1,103,489.99
$ 14,445,535.00
$ 905,000.00
$ ‐
$ 477,534.29
$ ‐
$ 3,500,000.00
$ 133,904,525.00
$ 3,234,465.00
$ ‐
$ 6,192,446.00
$ 1,459,653.00
$ ‐
$ 1,059,517.00
$ 11,450,000.00
$ 565,000.00
$ 454,978.00
$ 6,504,698.00
$ 2,495,175.00
$ 3,331,990.00
$ ‐
$ 1,819,836.00
$ ‐
$ 619,016.00
$ 62,443.15
$ ‐
$ 2,257,428.00
$ 7,482,011.00
$ 15,467,935.00
$ 10,280,000.00
$ 4,900,000.00
$ 700,000.00
$ ‐
$ 508,423.00
$ 23,389,959.00
$ 13,279,563.00
$ 2,755,824.00
$ ‐
$ 1,235,550.00
$ 5,364,322.00
$ ‐
$ 6,836,069.00
$ ‐
$ 4,724,339.79
$ ‐
$ 382,426.09
$ 1,852,134.96
$ 3,063,000.00
$ ‐
$ 8,343,786.48
$ ‐
$ 5,766,973.98
$ 75,203.42
$ 162,727.61
$ 3,638,236.50
$ 48,927.90
$ 1,167.30
$ 122,877.15
$ 5,385.00
$ 1,011,087.60
$ 33,188,178.60
$ 104,098.20
$ 825,025.50
$ 1,536,773.70
$ 152,752.50
$ 237,801.90
$ 307,145.10
$ 2,631,850.30
$ 136,031.10
$ 119,967.00
$ 1,059,760.50
$ 294,637.50
$ 446,499.60
$ 58.50
$ 313,716.30
$ 2,920.50
$ 164,280.73
$ ‐ $ 256,674.00
$ 398,653.50
$ 1,713,653.70
$ 2,604,963.24
$ 2,621,455.80
$ 1,387,191.93
$ 46,536.71
$ 109,413.47
$ 121,751.10
$ 4,906,337.70
$ 5,419,470.90
$ 146,084.40
$ 8,059.80
$ 362,032.81
$ 1,264,077.15
$ 219,291.75
$ 1,658,703.90
$ 1,133.10
$ 946,760.10
$ 347,963.69
$ 114,236.58
$ 532,528.85
$ 352,674.22
$ 267,822.76
$ 2,171,837.81
$ 71,632.78
$ 371,323.80
$ 138.85
$ 10,809.52
$ 157,312.80
$ 579.90
$ ‐
$ 8,365.25
$ ‐
$ 11,427.40
$ 763,358.00
$ 684.10
$ 10,587.15
$ 93,830.10
$ ‐
$ ‐
$ 47.11
$ 67,373.75
$ 79.50
$ 1,118.75
$ 5,360.40
$ 4,989.20
$ 5,021.50
$ ‐
$ 2,570.00
$ ‐
$ 3,877.32
$ 858.17
$ 170.76
$ 8,732.80
$ 114,285.90
$ 107,710.36
$ 73,787.95
$ 51,845.81
$ 1,719.05
$ 413.73
$ 2,143.15
$ 80,412.05
$ 74,778.50
$ 3,712.65
$ 245.00
$ 17,462.67
$ 45,771.66
$ 5.99
$ 106,548.50
$ ‐
$ 40,242.28
$ 4,415.34
$ 5,264.37
$ 44,119.19
$ 23,470.01
$ 5,921.59
$ 105,527.55
$ 359.73
$ 24,328.20
$ 75,342.27
$ 173,537.13
$ 3,795,549.30
$ 49,507.80
$ 1,167.30
$ 131,242.40
$ 5,385.00
$ 1,022,515.00
$ 33,951,536.60
$ 104,782.30
$ 835,612.65
$ 1,630,603.80
$ 152,752.50
$ 237,801.90
$ 307,192.21
$ 2,699,224.05
$ 136,110.60
$ 121,085.75
$ 1,065,120.90
$ 299,626.70
$ 451,521.10
$ 58.50
$ 316,286.30
$ 2,920.50
$ 168,158.04
$ 858.17
$ 256,844.76
$ 407,386.30
$ 1,827,939.60
$ 2,712,673.60
$ 2,695,243.75
$ 1,439,037.74
$ 48,255.75
$ 109,827.21
$ 123,894.25
$ 4,986,749.75
$ 5,494,249.40
$ 149,797.05
$ 8,304.80
$ 379,495.48
$ 1,309,848.81
$ 219,297.74
$ 1,765,252.40
$ 1,133.10
$ 987,002.38
$ 352,379.03
$ 119,500.94
$ 576,648.04
$ 376,144.23
$ 273,744.34
$ 2,277,365.36
$ 71,992.51
$ 395,652.00
11/15/2011
9/21/2011
1/20/2011
6/28/2011
6/28/2011
3/31/2011
3/31/2011
3/17/2011
3/17/2011
6/28/2011
6/28/2011
1/24/2011
4/19/2011
4/19/2011
11/15/2011
3/17/2011
5/23/2011
12/14/2011
1/19/2011
2/16/2011
11/15/2011
11/15/2011
1/11/2011
1/11/2011
9/21/2011
9/21/2011
6/2/2011
6/2/2011
3/24/2011
6/28/2011
1/11/2011
1/24/2011
4/19/2011
4/19/2011
11/15/2011
2/15/2011
3/24/2011
11/15/2011
11/15/2011
3/24/2011
3/24/2011
3/24/2011
6/28/2011
6/28/2011
5/23/2011
5/23/2011
3/24/2011
2/24/2011
6/22/2011
6/22/2011
5/23/2011
5/23/2011
5/5/2011
2011
2010
2011
2010
2011
2010
2010
2010
2010
2010
2010
2011
2010
2010
2011
2010
2011
2010
2010
2010
2010
2011
2010
2011
2010
2010
2011
2010
2011
2010
2011
2010
2011
2010
2011
2010
2011
2010
2011
2010
2011
2011
2011
2011
2011
2011
2011
0667‐2010
0668‐2010
0668‐2010
0669‐2010
0669‐2010
0670‐2010
0671‐2010
0672‐2010
0674‐2010
0675‐2010
0679‐2010
0679‐2010
0680‐2010
0681‐2010
0681‐2010
0684‐2010
0684‐2010
0686‐2010
0688‐2010
0689‐2010
0690‐2010
0690‐2010
0691‐2010
0691‐2010
0696‐2010
0698‐2010
0698‐2010
0699‐2010
0699‐2010
0700‐2010
0700‐2010
0703‐2010
0703‐2010
0704‐2010
0704‐2010
0705‐2010
0705‐2010
0706‐2010
0706‐2010
0707‐2011
0713‐2011
0714‐2011
0716‐2011
0717‐2011
0724‐2011
0734‐2011
0777‐2011
Weapon
Paranormal Plantation
Paranormal Plantation
The Twilight Saga: Breaking Dawn
The Twilight Saga: Breaking Dawn
Shark Night 3D
From the Rough
Zombie Hamlet
The Lucky One
Mysterious Island
Dungeons and Dragons 3
Dungeons and Dragons 3
On the Road
The Philly Kid
The Philly Kid
Killer Joe
Killer Joe
Adicolor
Reboot America
The Young & the Restless
Worst Prom Ever
Worst Prom Ever
Haunting in Georgia
Haunting in Georgia
Voodoo Experience 2010
Toya: A Family Affair
Toya: A Family Affair
So Undercover
So Undercover
the Door
the Door
Meeting Evil
Meeting Evil
Code Red ‐ Jay Electronica
Code Red ‐ Jay Electronica
Morrison National Commercials ‐ Slate 2
Morrison National Commercials ‐ Slate 2
Looper
Looper
The Grief Tourist
Universal Soldier 4
Stash House
Playing the Field
Medallion
Dark Circles
Freelancers
The Boxcar Children
LMS / Motion Picture Corporation
Leverage Entertainment
Leverage Entertainment
TSBD Louisiana, LLC
TSBD Louisiana, LLC
Global Incentives / Independent
From the Rough Prods.
Zombie Hamlet LLC
Warner Brothers
Leverage Entertainment
Dungeons and Dragons 3 Financing
Dungeons and Dragons 3 Financing
Spad Films NOLA
Philly Kid Financing/Philly Kid Productions
Philly Kid Financing/Philly Kid Productions
Voltage Pictures
Killer Joe Productions
Emporia Productions
Event Producers, Inc.
Sony
Viacom / MTV
Viacom / MTV
Haunting Productions
Haunting Productions
Rehage Entertainment
Sunday Best, LLC/BET
Sunday Best, LLC/BET
Bluefin Productions
Bluefin Productions
LMS
LMS
Motion Picture Corporation of America
Motion Picture Corporation of America
Mountain Dew (Ease)
Mountain Dew (Ease)
Morrison Productions/Twisted Fiction
Morrison Productions/Twisted Fiction
Looper Investments, LLC
Looper Investments, LLC
TGT, LLC
Unisol 4 Financing, LLC
Stash House Financing, LLC
Playing Financing, LLC/Playing Productions, LLC
Medal Financing, LLC/Medal Productions, LLC
Dark Cirle Financing, LLC
Georgia Film Fund Three Productions, LLC
Moonbot Studios LA
$ 432,349.00
$ 259,265.82
$ 107,044.38
$ 46,120,154.00
$ 62,860,759.40
$ 17,150,321.00
$ 4,829,474.00
$ 625,975.01
$ 21,982,696.00
$ 1,657,537.79
$ 350,151.48
$ 1,849,145.07
$ 1,918,225.00
$ 353,251.00
$ 2,089,470.72
$ 8,148,189.48
$ 188,129.00
$ 347,244.00
$ 422,020.00
$ 567,997.88
$ 1,863,623.23
$ 24,438.28
$ 4,987,835.46
$ 1,112,812.00
$ 1,408,648.00
$ 944,893.00
$ 62,912.00
$ 3,624,881.00
$ 7,758,986.00
$ 1,728,883.00
$ 85,151.00
$ 8,785.00
$ 5,251,738.00
$ 199,161.94
$ 150,903.67
$ 453,698.46
$ 281,278.41
$ 4,923,070.00
$ 26,946,589.00
$ 403,181.65
$ 9,222,087.10
$ 3,143,373.23
$ 23,681,006.90
$ 28,140,371.00
$ 2,555,934.21
$ 10,718,166.00
$ 393,533.00
$ 16,018.00
$ 96,549.98
$ 56,230.00
$ 4,701,150.00
$ 4,497,599.00
$ 2,847,572.00
$ 1,816,260.00
$ 138,765.37
$ 5,075,525.00
$ 126,781.00
$ 14,940.24
$ 345,197.86
$ 831,102.00
$ ‐
$ 592,167.96
$ 1,415,252.47
$ 34,765.00
$ 102,753.00
$ 204,682.00
$ 273,400.42
$ 944,029.52
$ 5,441.96
$ 1,328,829.00
$ 11,712.00
$ ‐
$ 191,027.00
$ 2,088.00
$ 1,013,250.00
$ 2,183,149.00
$ 276,316.00
$ ‐
$ ‐
$ 884,355.00
$ 69,654.58
$ ‐
$ 122,072.21
$ 86,249.85
$ 589,428.00
$ 5,971,899.00
$ 110,368.00
$ 1,879,277.23
$ 632,513.08
$ 2,632,349.00
$ 4,208,848.00
$ 574,719.44
$ 1,331,048.00
$ 294,901.00
$ ‐
$ 429,505.00
$ ‐
$ 216,422,068.00
$ ‐
$ 28,909,000.00
$ 6,405,000.00
$ 750,000.00
$ 26,320,016.00
$ 1,704,782.00
$ 3,982,320.68
$ ‐
$ 2,799,497.00
$ 3,383,376.55
$ ‐
$ 9,705,000.00
$ ‐
$ 397,811.00
$ 486,295.00
$ 622,394.00
$ 2,085,342.82
$ ‐
$ 7,983,388.00
$ ‐
$ 5,824,332.00
$ 4,098,603.00
$ ‐
$ 13,899,678.00
$ ‐
$ 1,895,050.00
$ ‐
$ 8,785.00
$ 5,643,883.00
$ 355,165.61
$ ‐
$ 835,941.16
$ ‐
$ 35,707,161.00
$ ‐
$ 600,000.00
$ 11,461,130.66
$ 3,866,112.68
$ 28,575,679.00
$ 32,177,073.00
$ 2,720,829.49
$ 15,175,443.00
$ 397,255.00
$ 129,704.70
$ 77,779.75
$ 32,113.31
$ 13,836,046.20
$ 18,858,227.82
$ 5,145,096.30
$ 1,448,842.20
$ 187,792.50
$ 6,594,808.80
$ 497,261.34
$ 105,045.44
$ 554,743.52
$ 575,476.50
$ 105,975.30
$ 626,841.22
$ 2,444,456.84
$ 56,438.70
$ 104,173.20
$ 126,606.00
$ 170,399.36
$ 559,086.97
$ 7,331.48
$ 1,496,350.64
$ 333,843.60
$ 422,594.40
$ 283,467.90
$ 18,873.60
$ 1,087,464.30
$ 2,327,695.80
$ 518,664.90
$ 25,545.30
$ 2,635.50
$ 1,575,521.40
$ 59,748.58
$ 45,271.10
$ 136,109.54
$ 84,383.52
$ 1,476,921.00
$ 8,083,976.70
$ 120,954.50
$ 2,766,626.13
$ 943,011.97
$ 7,104,302.07
$ 8,442,111.30
$ 766,780.26
$ 3,215,449.80
$ 118,059.90
$ 800.90
$ 4,827.50
$ 2,811.50
$ 235,057.50
$ 224,879.95
$ 142,378.60
$ 90,813.00
$ 6,938.27
$ 253,776.25
$ 6,339.05
$ 747.01
$ 17,259.89
$ 41,555.10
$ ‐
$ 29,608.40
$ 70,762.62
$ 1,738.25
$ 5,137.65
$ 10,234.10
$ 13,670.02
$ 47,201.48
$ 272.10
$ 66,441.45
$ 585.60
$ ‐
$ 9,551.35
$ 104.40
$ 50,662.50
$ 109,157.45
$ 13,815.80
$ ‐
$ ‐
$ 44,217.75
$ 3,482.73
$ ‐
$ 6,103.61
$ 4,312.49
$ 29,471.40
$ 298,594.95
$ 5,518.40
$ 93,963.86
$ 31,625.65
$ 131,617.45
$ 210,442.40
$ 28,735.97
$ 66,552.40
$ 14,745.05
$ 130,505.60
$ 82,607.25
$ 34,924.81
$ 14,071,103.70
$ 19,083,107.77
$ 5,287,474.90
$ 1,539,655.20
$ 194,730.77
$ 6,848,585.05
$ 503,600.39
$ 105,792.46
$ 572,003.41
$ 617,031.60
$ 105,975.30
$ 656,449.61
$ 2,515,219.47
$ 58,176.95
$ 109,310.85
$ 136,840.10
$ 184,069.39
$ 606,288.45
$ 7,603.58
$ 1,562,792.09
$ 334,429.20
$ 422,594.40
$ 293,019.25
$ 18,978.00
$ 1,138,126.80
$ 2,436,853.25
$ 532,480.70
$ 25,545.30
$ 2,635.50
$ 1,619,739.15
$ 63,231.31
$ 45,271.10
$ 142,213.15
$ 88,696.02
$ 1,506,392.40
$ 8,382,571.65
$ 126,472.90
$ 2,860,589.99
$ 974,637.62
$ 7,235,919.52
$ 8,652,553.70
$ 795,516.24
$ 3,282,002.20
$ 132,804.95
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