Lt. Governor applauds passage of film industry incentives bill
Monday, May 22, 2006 12:06 PM CDT
Lt. Governor Barbara Lawton recently commended the state legislature on the passage of Senate Bill 563, also known as the Film Wisconsin Incentives Bill. Sponsored by a bipartisan list of legislators, the bill provides new tax incentives for the film, television, commercial and video game industry to encourage economic growth and create jobs in Wisconsin.
“Film incentives are revenue positive because they will attract economic activity that would otherwise go elsewhere,” said Lt. Governor Lawton. “I am delighted the Senate and the Assembly came together in a bipartisan manner to move this important legislation forward and strengthen Wisconsin’s creative economy.”
Effective July 1, 2007, the incentive package includes a refundable tax credit of 25 percent of direct production expenditures and a 25 percent investment tax credit for investing in Wisconsin-based productions. Also offered are a sales and use tax exemption for machinery, equipment, and services used in production and post-production, a small state income tax credit to artists who are Wisconsin residents, and use of state-owned buildings and locations free of charge as available, with no fees for permits.
“This legislation will make Wisconsin a more attractive location for productions and, as a result, inject new, substantial revenue into our state and local economies,” said Lt. Governor Lawton. “We have the opportunity for tremendous gains from an industry where incentives are an essential part of doing business.”
“Without these incentives, motion picture studios and other production companies won’t come to Wisconsin,” said Lt. Governor Lawton. “Instead, they go to Illinois, New Mexico, Louisiana, North Carolina and New York — places where revenues jumped anywhere from $125 to $600 million due to incentives. With our natural beauty and urban landscapes, we, too, can reap the economic benefits and showcase Wisconsin to the world.”
In addition, the film, television, commercial and video game industry supports numerous other industries, including high tech manufacturing and tourism. An estimated 50 cents of every dollar spent on film production stays in local economies, either through the direct hiring of local employees or through local businesses involved in project support such as hotels, catering companies, restaurants, and transportation providers. |
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