 "The film tax credit put
Illinois back on the film industry's map and helped Illinois achieve
record revenues of $155 million for 2007. By strengthening this tax
credit, we're holding on to our competitive position and will be
able to continue create thousands of job opportunities for Illinois
workers during these tough economic times," Blagojevich said.The
strengthened Illinois film tax credit will bring revenue and jobs to
the state by offering a 30 percent tax credit to filmmakers for
money spent for Illinois goods and services, including wages paid to
Illinois residents. Previously, the tax credit was 20 percent. In
addition, the yearly sunset provision was removed, highlighting the
long-term commitment to growing Illinois' film industry. The bill
passed convincingly in both chambers. Senate Bill 1981 was sponsored
by Sen. Rickey Hendon, D-Chicago, and Rep. Frank Mautino, D-Spring
Valley.
In 2000, Illinois began suffering a mass exodus of the film
industry as other states began enacting film incentives. By 2003,
the Illinois film industry had fallen to an all-time low of $23
million. In response, Blagojevich enacted the Illinois film tax
credit. Since its passage, the film industry has rebounded
dramatically. The film industry reached an all-time record of nearly
$155 million in 2007 (the last year on record). This represents the
single best year in the state's history -- and an 80 percent
increase over 2006.
As other states have increased their efforts to attract films to
their states with stronger incentives, Illinois has responded with
the strengthened film tax credit. The strengthened credit, along
with Illinois' renowned labor force, diverse locations and solid
infrastructure, will ensure that the state will remain competitive
for many years to come.
"We are always seeking innovative ways to promote Illinois as a
place to do business. And while we have had record success, we must
do what's necessary to maintain Illinois' competitiveness and
provide companies with the resources they need to be profitable.
Being able to offer incentives like the strengthened film tax credit
is critical to that effort. We are pleased that the General Assembly
passed this legislation and look forward to another successful year
in 2009," said Jack Lavin, director of the Department of Commerce
and Economic Opportunity.
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The film industry has a sizable impact on the Illinois economy and
brings thousands of jobs to the state each year. In 2007, Illinois
film productions made more than 26,500 hires in Illinois -- a 110
percent increase over 2006. A number of films and television shows
were produced recently in Illinois: "The Dark Knight" (Batman);
"Wanted," starring Angelina Jolie and Morgan Freeman; "The Express,"
starring Dennis Quaid; "Public Enemies," starring Jonny Depp;
"Nothing Like the Holidays," starring Chicagoan Freddy Rodriguez;
"ER" (TV show); and "The Beast" (TV show).
"With over 40 states providing film incentives, Illinois'
strengthened film tax credit will go a long way in helping Illinois
to maintain an edge and keep us competitive against other major film
production areas. The credit puts thousands of people to work and
brings in greater revenues for the state," said Betsy Steinberg,
managing director of the Illinois Film Office.
The bill is effective immediately.
[Text from file received from
the
Illinois Office of
Communication and Information]
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