FOR IMMEDIATE RELEASE
May 9, 2012
Media Contact: Shannon Sumrall, ECD
Office: (615) 253-4897
E-mail: shannon.sumrall@tn.gov
TENNESSEE FILM INCENTIVES GET FUNDING BOOST
NASHVILLE – Changes to state law made during the 107th General Assembly will mean $2 million in anticipated funding for the state’s film incentive program, administered by the Tennessee Film Entertainment and Music Commission (TFEMC).
In addition, reforms to the state’s film funding grant formula will give smaller, indigenous film productions access to a larger share of available grant dollars.
Sen. Majority Leader Mark Norris (R-Collierville) sponsored a repeal of the refundable tax credit available to film productions under TCA § 67-4-2109(j). The repeal will mean an additional $2 million in funding for the Tennessee Film/TV Incentive Fund .
Norris said the move makes TFEMC the “one-stop shop” for film incentives in the state and ends a complex system of incentivizing productions through both TFEMC grants and refundable tax credits issued by the Department of Revenue.
"We recognize the importance of the film industry not only to the economy of the state but to the welfare of countless Tennesseans whose livelihoods depend on it,” Norris said. “This new program simplifies, streamlines and strengthens our commitment to the film industry."
Changes made to the Tennessee Film/TV Incentive Fund grant formula by the TFEMC are designed to promote the development of indigenous production and attract independent filmmakers by streamlining the incentive delivery process.
Under the new program, projects with budgets over $200,000 will be eligible to receive grants equal to 25 percent of their qualified Tennessee expenditures. Previously, the combined grant and tax credit system awarded a 17 percent grant and 15 percent refundable tax credit only to productions with budgets over $1 million.
“As part of Governor Haslam’s Jobs4TN economic development plan, the entertainment industry was identified as one of the key industries in which the state has a clear competitive advantage,” Bill Hagerty, commissioner, Tennessee Department of Economic and Community Development, said. “I would like to thank Sen. Norris for his vision on this bill and members of the General Assembly for their support.”
The TFEMC is part of the Tennessee Department of Economic and Community Development.
About the Tennessee Department of Economic and Community Development
The Tennessee Department of Economic and Community Development’s mission is to develop strategies which help make Tennessee the No. 1 location in the Southeast for high quality jobs. The department seeks to attract new corporate investment in Tennessee and works with Tennessee companies to facilitate expansion and economic growth. To find out more, go to www.tn.gov/ecd.
The Tennessee Department of Economic and Community Development’s mission is to develop strategies which help make Tennessee the No. 1 location in the Southeast for high quality jobs. The department seeks to attract new corporate investment in Tennessee and works with Tennessee companies to facilitate expansion and economic growth. To find out more, go to www.tn.gov/ecd.
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