|
The Illinois Production Alliance released its Economic Impact
Study of the Illinois Film Production Services Tax Credit, which
measured the economic impacts of film, television and commercial
productions in the state.
IPA Executive Director Christine Dudley said people working on
the productions are contributing to the Illinois economy.
“For every dollar spent on the tax credit, seven dollars is
generated into the economy, so that is a return on investment
and really speaks to the success of the program,” Dudley told
The Center Square.
The tax credit offers a 30% credit for qualified film,
television, streaming and ad production in Illinois, with an
additional 15% credit available for salaries paid to people who
live in economically disadvantaged areas across the state.
The report notes that 93.5% of productions filmed in Illinois
report that they would not have come to the state were it not
for this benefit. Altogether, the industry resulted in $3.6
billion in economic activity between fiscal year 2017 and fiscal
2022, with more than 5,100 full-time equivalent jobs created in
2022.
The report also provides comparative data from the most
competitive states with incentive programs, providing
observations for the possibility of greater benefits to the
state and the industry alike, and presenting the Illinois
General Assembly with potential for adjustments that could
provide for greater market share.
“Attracting film and television production to the state and
supporting it is a win/win for business, labor and government
because it creates new jobs and expands economic opportunity for
small businesses,” said Jack Lavin, president and CEO of the
Chicagoland Chamber of Commerce.
|
|
