House and Senate Pass Film Incentive Bill to Crist
Earlier in the month, the Florida House passed the new entertainment incentive HB 697. On Thursday, April 29th, the Florida Senate passed the companion bill as part of SB 1752. Today, the official process between the two completed and now it only needs a signature by Governor Crist to become law. The Governor has already expressed his approval, so his signature at this point is only a formality.
The major changes from previous entertainment incentives is the change from a cash refund to a tax rebate. The rebate stays within the state of Florida and can be purchased by Florida companies, so the money won't leave the state as in the past. This incentive covers the next five years. The total over 5 years is $242 million and is broken down as follows: $53.5M for fiscal year 2010-2011, $74.5M for fiscal year 2011-2012, and $38M each for fiscal years 2012-2015. The base amount increases from 15% to 20% and the additional "family friendly" enhancement goes from 2% to 5%.
The state film commission is prepping the new application forms which they anticipate will be ready by June 7th. The incentive bill will be in effect July 1st, 2010.
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