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$242M in Transferable Tax Credit Incentives for our Industries
Time to celebrate!
After a year-long campaign by Florida’s Film, Television and Digital/Interactive Media industries, professionals, supporters and associations, the Florida Legislature today passed the forward-looking and comprehensive “Jobs for Florida” bill (SB 1752, Economic Development).
The bill provides for $242 million in transferable tax credits which will lead to over $1.2 Billion in direct spending in Florida over the next 5 years by digital and interactive media, film and television productions in our state.
The annual allocations of tax credits are: $53.5M in 2010-11; $74.5M in 2011-12; and $38M each year for the subsequent three years (’12-’13, ’13-’14 and ’14-’15 ), with base incentives of 20% for major digital and interactive media, film and TV projects over $625K, as well as 20% for Emerging and Independent Media projects of between $100K and $625K in qualified expenditures.
Information about applying for these incentives (starting June 7th, first come, first served) can be found below in the release issued by the Governor’s Office of Film and Entertainment, and on their website at: www.FilmInFlorida.com
DMAF Legislative Update
1 year ago
Dear Digital Media Community,
As some of you have no doubt heard, HB 697, the House version of our economic incentive bill, passed late Tuesday afternoon — 117 to 0!!!!
The Bill’s primary co-sponsors (Rep Precourt, Rep Carroll, and Rep Ambler) did an outstanding job of presenting the bill, with Rep Glorioso and Rep Rehwinkel-Vasilinda standing with them in bi-partisan support.
To top it off, all 112 other representatives on the floor signed on as co-sponsors, so the sponsorship was unanimous as well as the vote! A tremendous success, on the heels of the Senate Jobs Bill passage.
One more to go (Senator Haridopolos’ companion bill, SB 1430, which enjoys strong support). See Lucia Fishburne’s “Film 1” write-up for more details.
ACTION: DMAF asks you to thank the various supporters of the bill from our regions, and rightfully so! Please refer to earlier news posting, find your reprentative in the list, and reach out with your personal message of thanks!
Enjoy this tremendous success!!! It continues to be a massive team effort. DMAF extends special thanks to Lucia Fishburne, David Caserta, Leah Sokolowski and the many other behind-the-scenes supporters of this legislative effort for their passionate and knowledgeable support and guidance.
ENTERTAINMENT INDUSTRY INCENTIVE BILL PASSES HOUSE!
1 year ago
CS/CS/HB697, the Entertainment Industry Incentive bill, passed the House unanimously yesterday.
Rep Precourt, Rep Carroll, and Rep Ambler eloquently and enthusiastically presented the bill with Rep Glorioso and Rep Rehwinkel-Vasilinda standing with them. Many other members stood up and passionately expressed their support.
After the vote, Rep Precourt asked the Speaker to open up the voting machine so he could invite members to sign on as co-sponsors. All members present – 112 members total – signed on as co-sponsors. This is incredible support indeed! We are so very grateful to the primary sponsors and the many other co-sponsors.
The bill will now go over to the Senate. Rep Precourt and Rep Carroll will be over there today to urge leadership to move along the process. There are several possible scenarios that could develop, but all will involve negotiating the final language and the total amount of tax credits available.
We are hopeful that, at minimum, the Senate will accept the House language and suggested numbers ($55 million the first year, $50 million the second year, and $27 million the following three years). However, Senator Haridopolos’s companion bill (SB1430) still holds at $75 million a year, which provides good leveraging room to get the House’s numbers up. The language in the Gaetz’s “jobs bill” (SB 1752), which already passed the Senate, includes $20 million a year for five years for the part related to the entertainment incentive.
We will keep everyone posted, and as always, you can locate the most recent the legislative updates and links to legislative information on our website at http://www.filminflorida.com/wh/Legislative.asp.
Please thank your area Representative(s) for their support if you see their name in the list of additional co-sponsors for HB697.
HB 697 by Finance & Tax Council and Economic Development Policy Committee and [Primary Sponsors] Precourt and Ambler and Carroll
(CO-SPONSORS) Abruzzo; Adams; Adkins; Anderson; Aubuchon; Bembry; Bernard; Bogdanoff; Bovo; Boyd; Brandenburg; Braynon; Brisé; Bullard; Burgin; Bush; Cannon; Chestnut; Clarke-Reed; Coley; Cretul; Crisafulli; Cruz; Culp; Domino; Dorworth; Drake; Eisnaugle; Evers; Fetterman; Fitzgerald; Flores; Ford; Fresen; Frishe; Galvano; Garcia; Gibbons; Gibson; Glorioso; Gonzalez; Grimsley; Hasner; Hays; Heller; Holder; Homan; Hooper; Horner; Hudson; Hukill; Jenne; Jones; Kelly; Kiar; Kreegel; Kriseman; Llorente; Long; Lopez-Cantera; Mayfield; McBurney; McKeel; Murzin; Nehr; O’Toole; Pafford; Patronis; Patterson; Plakon; Poppell; Porth; Proctor; Rader; Ray; Reagan; Reed; Rehwinkel Vasilinda; Renuart; Rivera; Robaina; Roberson, K.; Roberson, Y.; Rogers; Rouson; Sachs; Sands; Saunders; Schenck; Schwartz; Skidmore; Snyder; Soto; Stargel; Steinberg; Taylor; Thompson, N.; Thurston; Tobia; Troutman; Van Zant; Waldman; Weatherford; Weinstein; Williams, A.; Williams, T.; Wood; Workman; Zapata
Lucia Fishburne
State Film Commissioner
Governor’s Office of Film & Entertainment
The Capitol
400 S. Monroe St., Suite 2001
Tallahassee, FL 32399-0001
Phone: 850.410.4765
Fax: 850.410.4770
email: lucia.fishburne@myflorida.com
www.filminflorida.com