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Senate Co-Sponsorship Memoranda
Senate of Pennsylvania
Session of 2013 - 2014
Regular Session
MEMORANDUM
| Posted: | February 8, 2013 03:14 PM |
|---|---|
| From: | Senator Wayne D. Fontana |
| To: | All Senate members |
| Subject: | Co Sponsorship: Increase Film Production Tax Credit |
| In the near future, I plan to introduce legislation that would increase the state’s popular Film Production Tax Credit to $100 million. For fiscal year (FY) 2008-09, the credit was $75 million, but was scaled back to $42 million in 2009-10. During 2010-11 and each fiscal year after, the credit was set at $60 million, which it currently resides. More recently, Pennsylvania has lost out on TV productions and at least seven feature films being produced here because all funding has been exhausted before the ending of the fiscal year. Unless Pennsylvania increases the tax credit amount, we will continue to lose projects to more competitive states with more lucrative tax credits. The film and TV industry has a proven track record of investing additional funding into Pennsylvania because of the tax credit. Furthermore, thousands of employment opportunities have opened up since the tax credit first began as well as spin-off industries have benefited greatly. |
Introduced as SB687