A press release came out on Wednesday, January 20th to coincide with the introduction of the Entertainment Industry Economic Development Bill (HB 697).  The bill was introduced by State Representative Steve Precourt and also sponsored by Senate President-Designate Mike Haridopolos.

The bill is similar to previous film incentive bills we have had in the past with a few modifications that may help bring more productions to the state.

The biggest difference is moving from a cash incentive to a tax credit.  The tax credit keeps the money in state as the credit must be bought back by a Florida taxpayer.

The base incentive rate will be increased from 15% to 20%.  The bill is capped at $75 million annually.  It is currently written so that productions may use the credit beginning as soon as it is signed into law, but the credits will not be awarded until tax returns for 2012.  This means that productions can come into that state this year without funding fully being place for another year.  The enhancement for family friendly projects is increased from 2% to 5%.

To see the exact language of the bill and follow its progress, go to http://www.flsenate.gov/session/index.cfm?BI_Mode=ViewBillInfo&Mode=Bills&ElementID=JumpToBox&SubMenu=1&Year=2010&billnum=697.