April 3, 2020

Rep. Abney’s motion picture tax credit bill passes House

Posted

State House – House Finance Committee Chairman Marvin L. Abney’s (D-Dist. 73, Newport, Middletown) legislation (2020-H 7247A) that amends the state’s motion picture tax credit program passed the House of Representatives tonight.
The legislation amends the current program by allowing productions to utilize tax credits, even if the majority of production is not done within the state, if the production spends a minimum of $10 million within Rhode Island during a 12-month span.

“This is a very appropriate and exciting amendment to our motion picture tax credit program. With this change, Rhode Island and its numerous natural and man-made assets, such as the Newport mansions, will now have a shot at landing much larger and high-profile movie and television productions. This is turn will drive national and international tourism into our borders, all without spending a single dollar more than the program currently allows. If you want to see James Bond running through the Newport mansions or perhaps your favorite Marvel superhero on the streets of Providence, you should support this much-needed bill,” said Representative Abney.

According to the current program, a production must shoot the majority of its project within Rhode Island in order to qualify for the tax credit program. This is turn has caused larger, and often times global, productions to bypass using Rhode Island as a production location.

The majority of the tax credit program will remain the same under the new bill, such as, the amount of the tax credit being 30 percent of the state-certified production costs and capping the program’s total amount at $20 million for any tax year.

The bill now heads to the Senate for consideration.

Comments

No comments on this story | Please log in to comment by clicking here
Please log in or register to add your comment
Share!
Truly local news delivered to every home in town