The impact of HB 05700 is primarily focused on economic growth and job creation within the local film industry. By increasing the financial incentives for filmmakers who operate within the state, the bill aims to stimulate investment in local production companies and related sectors. The expectation is that this will not only create permanent jobs in filmmaking but also positively affect other local industries, such as hospitality, catering, and equipment rental, which benefit from film production activities.
Summary
House Bill 05700, introduced by Representative Willis, aims to support in-state filmmakers by amending section 12-217jj of the general statutes. The bill proposes that any in-state resident filmmaker who incurs at least $250,000 in production expenses or costs will be eligible for a 30% film production tax credit on those expenses. This initiative is designed to foster a more robust film industry within the state, encouraging filmmakers to set up production in-location rather than seeking out more financially beneficial states or countries.
Contention
While proponents argue that HB 05700 will significantly enhance the filmmaking landscape and create valuable job opportunities, concerns may arise regarding the potential cost to the state in terms of lost revenue from tax credits. Critics may argue that those funds could be allocated to more essential social programs or infrastructure projects. Additionally, there could be questions about the bill's effectiveness in comparison to other states that have implemented similar incentive programs for filmmakers, raising doubts about whether the anticipated economic benefits will materialize as expected.
An Act Authorizing And Adjusting Bonds Of The State And Concerning Provisions Related To State And Municipal Tax Administration, General Government And School Building Projects.