The Wisconsin legislature’s recalcitrance to regenerate its tax incentives and bring business into that needy state is a mystery, as many states recognize the economic advantages of financial benefits for filmmakers and have legislated accordingly.
Here’s what some other states have been cooking up. It might be a good idea to send this to our state legislators to extend our generous tax incentives.
Louisiana ranks third in U.S. for film production. Louisiana’s package of tax breaks for the film industry has pushed the state into one of the top destinations in the U.S. for movie making, third behind only California and New York, a study released Monday found.
The Louisiana Dept. of Economic Development said film spending added $344 million to the Louisiana economy in 2005. That’s up from $7 million in 2003, the year after the state tax breaks were passed. The industry also added 13,445 jobs to the state by 2005.”&mdashThe Ledger (Baton Rouge, LA) AP, 3/5/2007
Will Hoosierland be the new Hollywood? The Indiana General Assembly is considering a bill that would, among other things, authorize a 25% rebate for certain media production expenses in Indiana.
Currently, Indiana offers a Hoosier Business Investment Tax Credit of 10% on capital, along with a sales tax waiver and fee-free filming.&mdashReporter-Times (Martinsville, IN), 3/4/2007
Michigan offers refunds up to 20% Michigan offers a graduated scale of refunds when production companies spend at least $200,000 in Michigan, according to long-time film commissioner Janet Lockwood.
The graduated scale for credit rises from a 12% refund on productions between $200,000 to $1 million, to a 20% refund on the first $10 million on films with budgets $10 million and more.
Commercials and TV series are also eligible for the refund program.
Wyoming ready to compete for film dollars “With the passage of Wyoming’s film production incentives bill Feb. 15, the state catches up to at least 30 other states that offer some form of tax rebate or incentive for in-state production.
Wyoming isn’t the only state with such legislation on the table this year. Iowa is considering similar first-time legislation.
Oklahoma is tweaking its legislation, called the “Compete with Canada Film Act.” Utah just increased its incentive fund, and Idaho and Colorado are considering increasing their incentives.”?Laramie Boomerang (WY), 3/2/2007
