25 Million in Fraudulent Tax Credits
The Film Tax Credit Lawblog has two good synopses (here and here) on the status of the long awaited, much anticipated, official Iowa Auditor’s Report that is currently being reviewed by the Iowa State Attorney General. The audit covers the film tax credit fraud cases that literally brought the State’s very successful tax credit program to a grinding halt.
The audit found approximately $25 million in improper tax credits issued for 22 films. $15 million of which were for improper spending and $10 million of which were for improper investing.
In addition numerous tax credit investors who made loans against those credits are still fighting to get their money (or credits) back.
Criminal charges are currently being filed against Wendy Weiner, Matthias Saunders, Tom Wheeler, and Zach LeBeau — with more defendants to come.