|Posted:||December 2, 2014 02:27 PM|
|From:||Senator Wayne D. Fontana|
|To:||All Senate members|
|Subject:||Approved Unused Film Production Tax Credits|
|In the near future, I plan to reintroduce 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.
The program has proven to be quite successful and credited with the establishment of 19,000 jobs, in addition to thousands of dollars injected back into the Pennsylvania economy: productions reserve building space, cast and crew rent hotel rooms for months at a time, actors buy food at local grocery stores and are photographed eating at restaurants.
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.
A form of my bill was introduced as SB 1313 during the 2013-14 legislative session and co sponsors included Stack, Farnese, Brewster, Smith, Schwank, Wiley, Costa, Vulakovich, Hughes, Yudichak and Browne.
Introduced as SB219