The entertainment industry, including motion pictures, is currently the largest export industry of the United States. Owensboro specifically and Kentucky in general have a unique window of opportunity to attract several motion pictures throughout the coming year, provided an appropriate incentive package is approved.
House Bill 756, sponsored by Representative Tommy Thompson of Owensboro, creates new sections of KRS Chapter 148 to provide individual income tax, corporation income tax, limited liability entity tax, and sales tax incentives for locating a film production facility in Kentucky or filming or producing a motion picture in Kentucky.
HB 756 will encourage…
- Filming and production of motion pictures in Kentucky
- Development of a film industry in Kentucky
- Increased employment opportunities for Kentuckians within the film industry
- Development of state-of-the-art production and post-production infrastructure in Kentucky
Current Kentucky law allows for only a 6% sales tax refund for motion picture production expenditures. HB 756 would create the new incentives for qualified productions in Kentucky. The key ingredient of an incentive package is a transferable tax credit.
The filming and production of movies, TV pilots, series, commercials and corporate videos can bring a healthy flow of revenue to a state. Many other states are already realizing the economic rewards, and it’s time for Kentucky to do the same.
Find your Representative at www.lrc.ky.gov/Legislators.htm
Call 502/564-8100 or e-mail and ask your Representative and Senator to support HB 756.