Ohio will offer $40M in annual tax breaks to filmmakers
Following calls from the state legislature to bring Hollywood to Ohio (see below), the Buckeye state has doubled its Motion Picture Tax Credit to $40 million in order to bring more high-profile filmmakers to the heartland.
The new legislation, signed into law by Governor Kasich late last month, eliminates the $5 million credit cap per project, and it would allow all eligible expenditures to be credited at 30 percent.
Two of the most notable films recently shot in the capital city were Arnold Schwarzenegger’s revenge drama 478 and John Travolta’s I Am Wrath (which went straight to video).
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3/3/16: State Senator: Bring Hollywood to Ohio!
Will Ohio become the Hollywood of the heartland? State Senate Majority Leader Tom Patton hopes so.
Patton (R-Cleveland), wants to quadruple Ohio’s Motion Picture Tax Credit to a whopping $80 million with the intent of luring Hollywood producers to Ohio. The tax credit currently sits at $20 million.
A $5 million credit cap per project would still exist, so that means that more movies could take advantage of the tax credit.
“The film industry is kind of a ‘follow the money’ type industry,” said Ohio House Speaker Cliff Rosenberger (R-Clarksville) in an interview with the Dayton Daily News. Rosenberger travelled out to Los Angeles earlier this year to meet with film execs to learn how Ohio can be more attractive to the film industry.
Ever since 2009, when the film tax credit was introduced at $10 million, Columbus, Cleveland and Cincinnati have all played home to Hollywood film shoots.
Most recently, Arnold Schwarzenegger’s revenge drama 478 was shot extensively in Columbus.
Will we soon see the Lincoln-LeVeque attacked by Godzilla on the big screen? One can only hope.
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