Wednesday, January 20, 2010
Film Incentive Update
As the New Mexico film industry - and most "outsourced" filming around the country - is strongly interdependent with film incentives, we'd like to pass on the latest incentive news from The Incentives Office.
Legislation has been introduced in Florida that would convert their current refundable credit to a transferable tax credit, which can't be used until 2012. The credit will equal 20% of the qualified Florida spend, plus 5% for shooting during hurricane season, and 5% for family-friendly production. $75 million per year will be available. Cast and crew must be Florida residents to qualify, and all goods and services must be purchased from a Florida vendor.
A panel of legislators appointed by the Governor has recommended total elimination of the film tax credit program.
NY STATE INCENTIVES
Governor Paterson has increased the proposed allocation from $350 million to $429 million per year starting in tax year 2010, with an increase in the percentage or number of shooting days that must be shot at a qualified facility, and the imposition of other restrictions to the program. The budget has not been passed, but will be voted on during the current legislative session. Their plan also allows the program be in effect until 2014. This allows for much better longer-term planning in terms of production, infrastructure, and to facilitate a deepening of the industry in the economy.