|Posted:||June 6, 2013 12:59 PM|
|From:||Senator Dominic Pileggi|
|To:||All Senate members|
|Subject:||Legislation to Broaden Availability of Film Tax Credit|
|I plan to introduce legislation which will broaden the availability of the successful Pennsylvania Film Production Tax Credit program.
This legislation would "uncap" the film tax credit. The advantage of "uncapping" this credit is to give the Department of Community and Economic Development the flexibility to fully commit to multi-year productions and to more effectively budget for the program. Even with an "uncapped" program, the General Assembly would need to budget for the estimated amount of the credit in each fiscal year.
A report from the Independent Fiscal Office, released today, concludes that uncapping the credit would have a significant positive impact on Pennsylvania’s economy with a minimal cost in the coming fiscal year.
About a dozen other states – including Connecticut, Georgia, Louisiana, Massachusetts, and North Carolina – have uncapped film production tax credits. As a result, many of those states have seen a significant increase in the number of film and television productions in the state, along with a corresponding increase in the number of film-related jobs.
This legislation will also grant an additional five percent credit for post-production work completed in Pennsylvania at a post-production facility with at least 10 permanent, full-time employees who live in Pennsylvania.
Finally, this legislation would provide a similar tax credit for videogame production for work done entirely in the Commonwealth at a facility with at least 10 permanent, full-time employees who live in Pennsylvania.
Introduced as SB1035