Florida House of Representatives

Representative Steve Precourt

402 South Monroe Street

303 House Office Building

Tallahassee, Florida

32399-1300

PRESS RELEASE                                                                                                                     CONTACT: Kelsey Wohlman

January 20, 2010                                                                                                                          (850) 488-0256     

Rep. Steve Precourt and Sen. Mike Haridopolos Unveil “Entertainment Industry Economic Development Act”

Tax Credit Would Lead to Immediate Job Growth, Increased Revenue

Tallahassee, FL – Rep. Steve Precourt (R-41) today introduced the Entertainment Industry Economic Development Act (HB 697), an innovative proposal to stimulate job growth and generate millions in revenue at zero cost to the taxpayer.  The tax credit program, also sponsored by Senate President-Designate Mike Haridopolos, levels the playing field for Florida to once again compete in the emerging economic cluster of film and digital media production.

“With Florida’s unemployment rate now higher than the national average, this program is a critical tool to expand an industry poised to bolster future economic growth,” said Precourt.  “We have an opportunity to immediately create new jobs and generate new revenue without burdening the taxpayer and we need to seize it.”

In recent years, Florida’s existing film incentive program has been cut dramatically, resulting in a sharp decline in production projects lost to competing states.  The bill creates a film and digital media tax credit that has a proven track record of attracting and growing the industry in other states.  The production company will only receive the credit after all its payments have been verified.  With the investment occurring before a credit is issued, this is a true performance-based credit.

Although the film office can begin issuing credits upon adoption of the program, credits cannot be claimed until tax returns for 2012 or later, ensuring not $1 of credits will be claimed or issued in the upcoming budget.  This will generate substantial amounts of new tax revenue, create thousands of jobs and boost ancillary businesses.

“On the heels of last week’s Jobs Summit where the film and digital media industry was highlighted as a key player in Florida’s economic recovery, this proposal will allow us to hit the ground running,” said Haridopolos.  “It’s my hope that the days of Florida consistently losing film production and digital media projects to other states will soon be over.”

The proposal is also supported by Speaker Designate Dean Cannon, who said, "The film and digital media industry presents exciting new opportunities for job creation at a time when Florida needs it most,” said Cannon.  “I look forward to working with Rep. Precourt and Senator Haridopolos to position Florida as a national leader in this dynamic, growing industry.”

Other key provisions include an annual cap on total credits of $75M, an increase in the base incentive amount from the 15% to 20% for major film, TV and digital media productions and an increase in the “family friendly” project enhancement from 2% to 5.  Only Florida expenditures such as hiring local residents and contracting with Florida-based companies qualify.

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Local 477 has been listed as an "Organization in Support of HB 697" along with:

Florida Film Production Coalition

IATSE Local 600

Screen Actors Guild

Women in Film and Television

The Latin Chamber of Commerce of USA

Florida Chamber of Commerce

Film Florida

and many other important organizations around the state