The co-chairs of the bipartisan Film Industry Caucus, state Reps. K.C. Tomlinson and Joe Ciresi, highlighted the successful increase of the cap for the film production tax credit to $100 million in the 2022-23 budget.
The cap had been $70 million.
According to the state Department of Community and Economic Development’s 2019-20 Film Production Tax Credit Program Report, since the program’s inception in 2007 through the end of FY 2019-20, about 860 applicants have applied to the program and 509 productions have been approved/awarded tax credits. These film productions have directly injected nearly $3.3 billion into the state’s economy; generated an estimated $5.2 billion in total economic activity and $785 million in total state and local taxes; and supported an estimated 30,650 full-time equivalent jobs.
Projects across the state have benefited from the Film Production Tax Credit, including Mare of Easttown and Creed.
“This tax credit is an economic engine that fuels job growth throughout the commonwealth,” Tomlinson said. “Our state is a magnet for film production due to our history and natural beauty. But we must still compete with other states. Increasing the Film Industry Incentive will give us an advantage and encourage more projects to come to our state, and that will have a larger economic impact on the commonwealth.”
