Film financier sues Iowa over unpaid film credits

Published On: Dec 03 2012 02:40:00 PM CST   Updated On: Dec 03 2012 02:39:54 PM CST

A man who financed movie projects is suing the state for more than $4.5 million for failure to pay tax credits on four film projects.

Anthony Gudas, of Rhode Island, says he borrowed money to finance the films before the state suddenly ended its film tax credit program in September 2009. A state audit had uncovered more than $26 million of improper tax credits issued to several filmmakers prompting then-Gov. Chet Culver to halt the program.

Gudas says his business was ruined because the state failed to pay and he's seeking monetary damage plus interest and costs.

The Iowa Department of Economic Development is named as defendant and will be represented by the Iowa Attorney General's office, which did not immediately have a comment on the lawsuit.