SB1752 PASSES HOUSE AND SENATE, INCLUDES $242 MILLION IN TRANSFERABLE TAX CREDITS FOR FILM & ENTERTAINMENT INDUSTRY
Break out the champange or sparkling cider! SB 1752, the comprehensive jobs bill containing the entertainment industry incentive language, has passed the House (115 yays 0 nays) and is now headed to the Governor for signature! Please see Representative Precourt's official press release below my signature and attached.
$242 million in transferable tax credits will induce over $1.2 billion in direct spending by productions choosing Florida for their film, TV and digital media projects. The change from the current cash rebate incentive program, which required fighting each year for an annual appropriation, to a five year transferable tax credit program, addresses our clients' needs for continuity and certainty.
Staff is already working on the new guidelines, applications, FAQs and other materials that will be uploaded to the website ASAP at www.filminflorida.com. We have had a steady increase in serious inquiries over the last two months as the nation has watched our legislation move. The anticipated date for accepting applications for the new program is June 7th starting at noon EST. Now is the time for us all to roll out the red carpet and bring our workforce home!
It has been a privilege to be part of this incredible team effort over the last two years.
Very, very, very, best regards,
State Film Commissioner
Governor's Office of Film & Entertainment
400 S. Monroe St., Suite 2001
Tallahassee, FL 32399-0001
Representative Steve Precourt
402 South Monroe Street
303 House Office Building
PRESS RELEASE CONTACT: Kelsey Wohlman
April 30, 2010 (850) 488-0256
Rep. Precourt Applauds Passage of Florida Film & Entertainment Tax Credit - Urges Governor to Sign
Tax Credit Will Lead to Immediate Job Growth for Floridians
Tallahassee, FL – Today, the Florida Legislature passed SB 1752, Economic Development, the companion bill to the Entertainment Industry Economic Development Act (HB 697) which passed the House unanimously. Sponsored by Representative Steve Precourt along with prime co-sponsors Representatives Kevin Ambler and Jennifer Carroll, the bill is a centerpiece of the Legislature’s jobs package and enjoys wide bipartisan support.
“Floridians are hurting, and the Legislature has taken a bold step forward in putting people back to work by passing this bill,” said Rep. Steve Precourt. “It’s rare that a piece of legislation can have an immediate impact, but this innovative proposal will immediately put Floridians to work in film and digital media at little cost to the taxpayer.”
In recent years, Florida’s existing film incentive program has been cut dramatically, resulting in a sharp decline in production projects lost to competing states. The bill creates a film and digital media tax credit that has a proven track record of attracting and growing the industry in other states. The production company will only receive the credit after all its payments have been verified. With the investment occurring before a credit is issued, this is a true performance-based credit.
Other key provisions include an annual cap on total credits of $53.5M for fiscal year 2010-2011, $74.5M for fiscal year 2011-2012, $38M for fiscal years 2012-2013, 2013-2014, and 2014-2015, an increase in the base incentive amount from the 15% to 20% for major film, TV and digital media productions and an increase in the “family friendly” project enhancement from 2% to 5%. Only Florida expenditures such as hiring local residents and contracting with Florida-based companies qualify.
This bill now goes to the Governor for signing.
Governor’s Office of Film & Entertainment
The Capitol, Suite 2001
Tallahassee, FL 32399-0001