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Senate Co-Sponsorship Memoranda
Senate of Pennsylvania
Session of 2013 - 2014
Regular Session
MEMORANDUM
| Posted: | February 26, 2014 11:02 AM |
|---|---|
| From: | Senator Wayne D. Fontana |
| To: | All Senate members |
| Subject: | Co Sponsorship: Approved Unused Film Production Tax Credits |
| In the near future, I plan to introduce legislation that would allow for the recapture of approved unused Film Production Tax Credits from a previous year. Currently, DCED cannot access unused approved film tax credits and award them to another production unless the credits are from the same fiscal year. It has been estimated that nearly $22 million in credits can be accessed this way. However, let me be clear that my legislation would not increase the cap, but provide the commonwealth with more flexibility in already approved funding. With 38 states having some sort of film tax credit program, Pennsylvania must look for alternative ways to remain competitive and continue to attract this industry to our state. The program has proven to be quite successful and credited with injecting more than $1 billion directly into Pennsylvania’s economy, generating an estimated $1.8 billion in total economic activity and supporting nearly 14,500 jobs. I hope you will consider joining me by co sponsoring this legislation. |
Introduced as SB1313