KENTUCKY
The bill reported in the May TIP Update was quickly enacted and signed by the Governor this month. The Kentucky film incentive now has an annual cap of $5 million for fiscal year 2011, and $7.5 million for fiscal year 2012.
NEW JERSEY
New Jersey has temporarily suspended the film incentive in order to reduce spending and allow the State Treasurer to evaluate the effectiveness of the current program. This effectively reduces the annual cap on the film incentive from $10M per fiscal year to $0 for fiscal year ending 06/30/2011. However, the suspension is only limited to the authorization of new credits in fiscal year 2011. As a result, this bill would not affect the carryover of unused film and digital media tax credits allowed in a previous year.
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PROPOSED LEGISLATION (Still in the House or Senate)
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MICHIGAN
As part of the required agreement between the production company and the state of Michigan an additional stipulation has been added requiring the production company to provide information necessary to verify that all subcontractors and vendors that were involved in the qualified production have been paid in full before submitting a request for the postproduction certificate of completion.
ALL STATES - FUND AVAILABILITY (as of July 1, 2010)
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- Alabama- $7.5M
- Alaska - $70M
- Arizona - $100M
- Arkansas - $5M
- California - No funds available
- San Francisco, California - $1.8M
- Colorado - $600k
- Connecticut - No Cap
- District of Columbia - No funds available
- Florida - $1.6M for Commercial/Music queue. All other queues are spoken for
- Georgia - No Cap
- Hawaii - No Cap
- Illinois - No Cap
- Indiana - $2.5M
- Kentucky - No Cap
- Louisiana - No Cap
- Maine - No Cap
- Maryland - $3M
- Massachusetts - No Cap
- Michigan - No Cap
- Minnesota - $265k
- Mississippi - $20M
- Missouri - $3.2M
- Montana - No Cap
- New Jersey - No funds available
- New Mexico - No Cap
- New York - Legislation pending
- New York City - No funds available
- North Carolina - No Cap
- Ohio - $21M
- Oklahoma - $5M
- Oregon - $3M
- Pennsylvania - No funds available
- Puerto Rico - $12M
- Rhode Island - Funds still available
- South Carolina - $15M
- South Dakota - No Cap
- Tennessee - $6M left in the 17% program
- Texas - $30M
- Utah - $4M in the rebate program, $5M in the tax credit program
- Virginia - $2.5M available January 1
- West Virginia - $10M
- Wisconsin - $500k
- Wyoming - $1.5M
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