THE INCENTIVES PROGRAM - TIP

House Bill 497 and Senate Bill 530 propose to establish the Florida Film, Television, and Digital Media Targeted Rebate Program. Program details are as follows:

• Creates a rebate of up to 20% of total qualified expenditures;
• Provides for an additional bonus of 3% (for a maximum of 23%) of total qualified expenditures if:
  • 75% or more of the project’s production will take place in an underutilized county; or,
  • The content is deemed family friendly;
• Qualifies:
  • Goods and services rented or leased from an in-state vendor with a physical presence in-state; and,
  • The first $200,000 of wages/salaries and fringes for each resident;
• Requires that a production company project that:
  • At least 60% of cast and crew be Florida residents;
  • At least one military veteran is hired; and,
  • Spend 70% of total production days in Florida.
• Creates a per project cap of $2 million;
• Requires the following minimum qualified spend:
  • Film projects: at least $1.5 million;
  • Television series: at least $500,000 per episode; and,
  • Digital media projects: at least $1.5 million;
• Creates two application windows during the fiscal year:
  • the first five business days of July; and,
  • the first five business days of January.
• Requires “Filmed in Florida” logo or statement in the end credits;
• Requires an independent CPA to audit all qualified expenditures;
• Requires that projects be considered on a positive economic impact basis and not first-come, first-served; and,
• Establishes a sunset date of June 30, 2023.

These provisions shall take effect upon becoming law.

Senate Bill 578 proposes to amend the North Carolina Film Grant Program as follows:

• Reduces the minimum spend thresholds as follows:
  •  $1.5 million for a feature-length film, previously $3 million;
  • $500,000 for a TV movie, previously $1 million; and,
  • $500,000 average per episode for a TV series, previously $1 million.
• Increases the per project incentive cap as follows:
  • $15 million for a feature-length film, previously $12 million.

These provisions shall take effect upon becoming law.