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House Co-Sponsorship Memoranda
House of Representatives
Session of 2013 - 2014
Regular Session
MEMORANDUM
| Posted: | February 21, 2014 09:59 AM |
|---|---|
| From: | Representative Jerry Stern |
| To: | All House members |
| Subject: | Recapture Unused Film Production Tax Credits |
| I plan to introduce legislation that will enable DCED to recapture unused film production tax credits from previous fiscal years so that these credits can be reallocated. Since the enactment of the film tax credit program several years ago, Pennsylvania has become an increasingly more important location for the production of Hollywood movies and television programs. These productions have been a boon to the economy: The $367 million in credits awarded so far has led to $2.7 billion in economic activity and supported 19,000 jobs. The credits are capped at $60 million annually, but the demand far outweighs that amount. My legislation would not increase the cap, but it would allow for the recapture of credits from a previous year that the department approved but which ultimately weren’t awarded. Currently DCED cannot access those credits and award them to another production unless it’s in the same fiscal year. It’s estimated that $22 million in credits can be accessed this way. Thank you for your consideration to this legislation. |
Introduced as HB2083