Program gets funding boost
Posted: Monday, May 14, 2012 9:17 pm
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.
Also, reforms to the state’s film funding grant formula will give smaller, indigenous film productions access to a larger share of available grant dollars.
State Senate Majority Leader Mark Norris 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 state Department of Revenue. 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.
The film commission is part of the state Department of Economic and Community Development.