Monday, May 21, 2012

Ohio Motion Picture Tax Credit update

[Press release from the Greater Cleveland Film Commision.]

Ohio has seen great success from the Ohio Motion Picture Tax Credit. A recent Cleveland State University economic impact study has provided hard evidence that the tax incentive creates jobs and a positive return on investment for Ohio's economy. Unfortunately, the current tax incentive expires on June 30, 2012 - just two months from now. Recently, Ohio Rep. Mike Dovilla and Ohio Sen. Tom Patton introduced bills to renew and double the Ohio Motion Picture Tax Credit from its current annual cap of $10 million to $20 million. Renewing this program is absolutely critical to creating a year-round, thriving film industry in Ohio. Letting it expire would ensure a dead stop to any momentum Ohio's film industry and its supporters have generated over the past several years. 

As of last week, both the Ohio House of Representatives and the Ohio Senate voted by an overwhelming majority in favor of bills supporting the doubled Motion Picture Tax Credit (House bill PDF; Senate bill PDF). The bill received bi-partisan support in both houses, reflecting the universal support of this thriving industry. The legislation is now awaiting signature by Gov. Kasich and, once signed, will mean that $20 million will be available beginning July 1. 

On behalf of everyone at the Greater Cleveland Film Commission we would like to extend our most heartfelt appreciation to everyone who has supported the continuation of this crucial legislation. We will be sure to keep you informed with the latest news and updates as they become available. 

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