Posted: | December 1, 2014 11:48 AM |
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From: | Senator Dominic Pileggi |
To: | All Senate members |
Subject: | ​Broadening Availability of Film Tax Credit, Improving Post-Production Tax Credit & Establishing Videogame Tax Credit |
I plan to introduce legislation which will broaden the availability of the successful Pennsylvania Film Production Tax Credit program. This legislation will “uncap” the film tax credit, giving the Department of Community and Economic Development the flexibility to fully commit to multi-year productions and to more effectively budget for the program. It’s important to note that even with an “uncapped” program, the General Assembly must budget for the estimated amount of the credit in each fiscal year. A May 2013 report from the Independent Fiscal Office concluded that uncapping the credit would have a significant positive impact on Pennsylvania’s economy. About a dozen other states 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, along with a corresponding increase in the number of film-related jobs. This legislation will also improve the tax credit for postproduction work completed in Pennsylvania and establish a tax credit for videogame production work completed in Pennsylvania. This legislation will be similar to Senate Bill 1035 (printer’s number 1447, with a technical correction in Section 1707-D) from the 2013-14 legislative session. |
Introduced as SB565