Ohio To Increase Film Tax Incentives
Several prominent films were recently shot in Ohio, including “Captain America: Winter Soldier” and the upcoming Miles Davis-biopic “Miles Ahead.” Now the Buckeye State is considering raising its tax incentive to lure more television and film productions to the area. Last month two bills were introduced in the General Assembly that would increase incentives four-fold. Ohio’s current cap on tax incentives is $5 million per production and a total of $20 million per year for content creators to shoot in the state. One proposed bill would raise credits to $80 million a year and another bill would raise it to $75 million per year (both bills still cap the credit at $5 million per production).
It is important to note that the Ohio film tax credit doesn’t just go towards movies. It can be used to subsidize video game production, television commercials and music videos. To receive the money, content creators must complete a four page application detailing how they plan to spend the money in the state. Eligible productions must spend a minimum of $300,000 in the state. The state reimburses production companies 25% of what they spend in Ohio on expenses and increases that to 35% for wages paid to Ohio residents. A 2015 study by Cleveland State University showed that for every $1 the state spends, $2 is created in economic activity.
Ohio is one of thirty-five states to currently offer film tax incentives. With Michigan no longer offering film tax incentives, Ohio is poised to take its spot as a premiere filming destination in the Midwest. Expect a vote on both bills soon.
Motivational Podcast by RFFocus.org CEO Kevin Ross - More Episodes HERE