|Posted:||January 19, 2021 01:47 PM|
|From:||Senator Camera Bartolotta|
|To:||All Senate members|
|Subject:||Film Industry Incentive|
|In the near future, I intend to introduce legislation that will change the name of the Film Production Tax Credit to the Film Industry Incentive and increase the level of state assistance to $125 million, up from the current level of $70 million.
According to the Pennsylvania Department of Community and Economic Development’s 2019-20 Film Production Tax Credit Program Report, since the program’s inception in 2007 through the end of FY 2019-20, approximately 860 applicants have applied to the program and 509 productions have been approved/awarded tax credits. These companies have directly injected nearly $3.3 billion into the state’s economy; generated an estimated $5.2 billion in total economic activity and $785 million in total state and local taxes; and supported an estimated 30,650 full-time equivalent jobs.
A number of projects in the 46th Senatorial District have been beneficiaries of the Film Production Tax Credit, including the films Southpaw, Foxcatcher, Perks of Being a Wallflower, I Am Number Four and Sweet Girl, as well as two television series (Netflix projects), Mindhunter and I Am Not Okay With This.
The downstream economic benefits of film production have heightened competition among states looking to attract film making and the current $70 million tax credit level has failed to keep pace. Because of this, an untold number of film projects are lost to other states that are enjoying the economic advantages of this industry. Since the state’s current program is capped at $70 million, projects are turned away each year due to lack of funding.
By increasing the cap on the Film Industry Incentive, we are taking an important first step in meeting the demand of the film and television production industry who want to film in Pennsylvania. I know from first-hand experience that these companies want to film in Pennsylvania but right now our program cannot support their efforts. Increasing the Film Industry Incentive will bring more projects to the state and thus a larger economic impact, more jobs and more revenue to the Commonwealth.
Please join me in support of this effort by cosponsoring my proposal.
Introduced as SB321