Whooee! Illinois revenues from film production soared to $155 million in 2007 ? an all time record high for movies, TV shows and commercials, an 80% increase over 2006’s $86 million.
Undoubtedly, says Illinois Film Director Betsy Steinberg, “the huge increase underscores the importance of the Film Tax Credit, combined with our amazing locations and the best crew in the country.”
The 2007 gain was the biggest jump in production dollars since the previous record of $125 million in 1998.
“Forty-plus states provide film incentives, including Wisconsin and Michigan,” notes Gov. Blagojevich.
It’s vital that the state continues to offer incentives as “a viable option to major production sites like Los Angeles and New York,” he adds.
Film revenues in 2007 had a nearly half-billion dollar impact on the Illinois economy, notes Eileen Willenborg, SAG/AFTRA executive director. The state benefited by $424 million, when the 2.8 multiplier is applied.
“Legislators should recognize the value of the film industry by giving us a multi-year extension, which many competitive states have.”
Furthermore, “investor and infrastructure tax credits and sweetened credits for scripted TV series ? a mother lode of jobs ? could be added to sustain our incentives,” she says.
Approval of the 2008 FTC by the state senate is expected next week or by mid-April at the latest.
Then, the bill returns to the house for another vote. The inclusion of talk show eligibility for the tax credit caused the recent delay in passage since the 2007 bill expired Dec. 31, 2007.
During the first quarter of 2008, seven movie projects, whose incentives applications had been filed in 2006, are in progress or have wrapped.
With many applications already on file, “expectations are high,” says Steinberg, of a host of new projects heading to Illinois as soon as they are notified that incentives are greenlighted for another year.
