New tax incentives offered for movies filmed in the tri-state - Cincinnati News, FOX19-WXIX TV

New tax incentives offered for movies filmed in the tri-state

COLUMBUS, OH (FOX19) -

Ohio Governor John Kasich has signed legislation that will increase the tax incentive that Ohio offers for film projects to be produced in the Cincinnati area for the next two years.

HB 508 also states that any unused film tax credits in one fiscal year can be allocated to the following year in a biennium. Ohio's tax incentive budget was $10 million in FY 2012. Now, the legislation states that Ohio has $20 million in 2012, beginning on July 1.

Governor Kasich says this now means that Ohio will be able to provide up to $30 million in tax credits in FY 2013, (July 1, 2012 – June 30, 2013), and then each succeeding fiscal year (beginning in FY 2014) Ohio will be limited to $20 million per year.

"So far, we have applications in for a substantial amount of the tax credits for the new fiscal year, and much of that is taking place in Cincinnati at this point," said Kristen Erwin, Executive Director of the Greater Cincinnati & Northern Kentucky Film Commission. "The Greater Cincinnati & Northern Kentucky Film Commission would like to thank Governor John Kasich for recognizing the importance of increasing the cap on the motion picture bill. Taking this step enhances the opportunity for film production in Ohio so that all of Ohio can benefit."

Governor Kasich says this now means that Ohio will be able to provide up to $30 million in tax credits in FY 2013, (July 1, 2012 – June 30, 2013), and then each succeeding fiscal year (beginning in FY 2014) Ohio will be limited to $20 million per year.

"I want to sincerely thank Governor Kasich for signing this important legislation, and Ohio Sen. Tom Patton and Ohio Rep. Mike Dovilla for sponsoring the legislation that made this possible," Erwin said. "I would also like to thank my colleague Ivan Schwarz with the Cleveland Film Commission for his role in this campaign and the collective statewide attitude in this endeavor. The Cleveland Film Commission and the Cincinnati Film Commission have been working hand in hand to fight for Ohio for a long time."

Governor Kasich says this new legislation will help Ohio attract and retain business, and help us to sustain an industry and infrastructure. The expansion comes shortly after the release of a Cleveland State University economic study showing that the motion picture tax incentive returns $1.20 into the Ohio economy for every $1 invested by the incentive.

The study, prepared by CSU's Center for Economic Development at the Maxine Goodman Levin College of Urban Affairs, stated that about 1,143 full-time equivalent Ohio jobs and $35.5 million in household income are estimated to have been credited to the 27 projects that took advantage of the Ohio Motion Picture Tax Credit in the past three years.

In southwest Ohio alone, several projects have filmed, including George Clooney's "The Ides of March," which spent more than $4 million dollars in Cincinnati and hired more than 800 people, including crew and extras.

"George Clooney filmed in Ohio because we had a film incentive," Erwin said, noting that all studio feature films shot in Ohio since the tax incentive was introduced have used it. "Increasing the incentive keeps Ohio competitive with other states and opens the door for more film projects and more jobs."

Ohio is one of several states, including Michigan, Pennsylvania, and Louisiana, that offer a tax incentive to film and television productions, according to the study. Michigan offers $25 million; Pennsylvania offers $60 million; and Louisiana has no tax credit limit.

To learn more about the Greater Cincinnati & Northern Kentucky Film Commission, visit http://www.filmcincinnati.com/.

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