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Investing in Film and Entertainment Industry Incentives Creates ...

Source: www.flchamber.com
Topic: Entertainment Industry

Sort Desciption: The film and entertainment industry is a $3.9 billion industry that creates stable, high-wage, high-. tech jobs that are critical to developing the economy. ...

Content Inside: Frank Ryll, Jr. President “To bring more high-wage jobs to Floridians, we must invest more in financial incentives to encourage greater film and entertainment production within the state.” Investing in Film and Entertainment Industry Incentives Creates High-Wage Jobs The film and entertainment industry is a $3.9 billion industry that creates stable, high-wage, high- tech jobs that are critical to developing the economy. Unfortunately, Florida’s inconsistent financial commitment to the film and entertainment industry limits our attractiveness to these companies. To bring more high-wage jobs to Floridians, we must invest more in financial incentives to encourage greater film and entertainment production within the state. Governor Charlie Crist highlighted the importance of this industry to Florida in his State of the State speech earlier this month. “I ask that you give us the tools to spur economic development for the film and space industries,” said Governor Crist. “In my budget I have proposed 75 million dollars of tax credits to enhance Florida film making - a clean and vital industry which creates high paying jobs while spot lighting our beautiful state.” In 2005 – 2006, $10 million was appropriated by the Legislature for the film and entertainment industry. These funds: • Created more than $73 million in production expenditures; • Employed 3,775 Floridians; • Resulted in over $36 million in Florida wages; and • Created a substantial return on investment of 7.4:1. Currently, the Legislature only appropriates funds annually for the film and entertainment industry. Expanding incentives to include a tax credit program is essential. Appropriating funds annually instead of providing predictable, recurring incentives has created significant drawbacks to luring more production to Florida, including limited time for production planning and no assurances of continued incentives in future years. Production companies need to plan on ...

investing in film

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