Rep: Precourt: Florida Legislature Unanimously Passes Economic Development Act

Rep. Precourt Applauds Passage of Florida Film & Entertainment Tax Credit - Urges Governor to Sign

Tax Credit Will Lead to Immediate Job Growth for Floridians

Tallahassee, FL – Today, the Florida Legislature passed SB 1752, Economic Development, the companion bill to the Entertainment Industry Economic Development Act (HB 697) which passed the House unanimously.  Sponsored by Representative Steve Precourt along with prime co-sponsors Representatives Kevin Ambler and Jennifer Carroll, the bill is a centerpiece of the Legislature’s jobs package and enjoys wide bipartisan support. 

“Floridians are hurting, and the Legislature has taken a bold step forward in putting people back to work by passing this bill,” said Rep. Steve Precourt.  “It’s rare that a piece of legislation can have an immediate impact, but this innovative proposal will immediately put Floridians to work in film and digital media at little cost to the taxpayer.”

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.

Other key provisions include an annual cap on total credits of $53.5M for fiscal year 2010-2011, $74.5M for fiscal year 2011-2012, $38M for fiscal years 2012-2013, 2013-2014, and 2014-2015, 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.

This bill now goes to the Governor for signing.