|Posted:||September 30, 2015 11:52 AM|
|From:||Senator Kim L. Ward and Sen. Jay Costa, Sen. Dominic Pileggi, Sen. Wayne D. Fontana, Sen. Camera Bartolotta|
|To:||All Senate members|
|Subject:||Senate Bill: Amending the Tax Reform Code for the Purpose of Enhancements to the Film Production Tax Credit Incentive Program|
|In the near future, we plan on introducing legislation further reflecting the Commonwealth of Pennsylvania’s commitment to the Film Production Tax Credit incentive program, currently authorized under Article XVII-D of the Tax Reform Code of 1971, by amending the Tax Reform Code to enhance the Film Production Tax Credit, by further providing for limitations by increasing the aggregate (maximum) amount of tax credits allowed in any fiscal year from $60 million to $75 million, by providing for the reissuance of Film Production Tax Credits that were awarded, but have gone unused, by further providing for tax credits for qualified postproduction expenses and some technical modifications.
The Film Production Tax Credit would otherwise continue to be subject to the other limitations provided for in Section 1707-D (relating to limitations) of the Tax Reform Code (irrespective of the aggregate amount of tax credits that may be awarded in any fiscal year, the Department of Community and Economic Development may, in its discretion, award thirty percent of tax credits available in the next succeeding fiscal year, twenty percent of tax credits available in the second successive fiscal year and ten percent of tax credits available in the third successive fiscal year).
The purpose of this legislation is to show the film and television industry Pennsylvania remains steadfast in its commitment to do what is necessary and required to ensure the industry is competitive nationally and strong enough to warrant and encourage the development and maintenance of industry infrastructure (i.e., state-of-the-art studios, etc.), which would foster industry-related businesses to move here or start from the ground up. This legislation reflects the Commonwealth’s recognition that the industry requires a consistent and long-term commitment to funding the Film Production Tax Credit incentive program, which provides and supports family-sustaining jobs.
If you have any questions about this resolution, please contact Jason R. Brehouse, Esq. at 717-787-6063 or firstname.lastname@example.org or Stephen Bruder at 717-787-7683 or email@example.com.
Introduced as SB1050