GOVERNOR PATRICK SIGNS LAW TO PROMOTE FILM PRODUCTION IN MASSACHUSETTS
Credit Will Boost Commonwealth's Creative Economy
BOSTON - Friday, July 20, 2007 - Governor Deval Patrick, joined by legislative leaders and supporters, today signed a bill to expand the film tax credit law, making Massachusetts a more attractive location to film makers and boosting the Commonwealth's creative economy.
"The creative economy is extremely mobile and we can't stand still in the face of stiff challenges from other states. Meeting the growing needs of this industry is important to keeping our edge and offering our strengths to the film industry."
Governor Deval Patrick said. "This new film tax law makes us more competitive, and it's another smart step toward a stronger, healthier economy."
Prior to the first film tax enactment, Massachusetts had four studio films in seven years. In only 15 months since the credit took effect, three films have been shot in the Bay State, resulting in tens of millions in new investment and economic activity.
The new bill signed into law today, widens the lens on the tax credits, by lifting a $7 million cap on incentives and lowering the minimum qualifying investment from $250,000 to $50,000, and increasing the level of payroll reimbursements from 20 percent to 25 percent.
The legislation also directs the Commissioner of Revenue to produce an annual report detailing the progress of these new initiatives.
"The film tax credit is already a huge success for Massachusetts and I am thrilled that, working with the Senate and the Governor, we were able to so quickly turn this important bill into a new law," said House Speaker Salvatore F. DiMasi. "Hollywood is paying attention to what we do and this will no doubt result in more movies made here, more jobs created here and millions of new dollars pumped into the Massachusetts economy."
"This legislation is exciting not only because it provides incentives for major filmmakers and blockbuster movie productions in Massachusetts, but because it also encourages film companies to set up shop in the Commonwealth and build permanent production facilities. All of this means more jobs and more revenue in our local communities," said Senate President Therese Murray.
"We want producers to stay longer when they arrive, spend more of their dollars on local goods and services, and invest more in our home-grown talent base. We have a lot to offer here to all kinds of industries, including the film industry," Governor Patrick said. "I appreciate the partnership of our colleagues in the House and the Senate, and their support in moving this legislation forward, and helping to make Massachusetts a national and international location for the creative economy."