Gov. Scott Walker has signed into law a bill designed to help smaller budget film projects tap into the state’s film tax credit program.
The legislation reduces the application fees for the film tax credit program administered by the Wisconsin Department of Tourism. The tax credits are available to qualifying film, television, advertising, and video gaming projects, and state officials hope the lower application fees will help grow the state’s creative economy.
Tourism Secretary Stephanie Klett noted that members of the state’s film industry felt that application fees were cost-prohibitive under the original tax credit program. The up-front application fee was set at 2% of the budgeted production expenditures, or $5,000, whichever was less. The new law sets the fees at either 2% of the production budget, or $500, whichever is less.
Under the previous fee structure, a film production with a $100,000 budget would have to pay a $2,000 application fee. The new law would cap the fee at $500.
Janine Sijan Rozinam, executive director of Film Wisconsin, said the new fee structure would provide a more affordable point of entry for small businesses. “This has been a consistent point of concern since the program first launched in 2008,” she said in a press release.
In a related economic development matter, Walker signed special session legislation that allows municipalities to create Tax Incremental Financing Districts across jurisdictions. Walker said the law would make it easier for local governments to work together to create jobs.
The legislation had strong bipartisan support and passed the Senate and the Assembly with unanimous votes.
