Ohio Doubles Film Tax Credit
In good news for Ohio filmmakers, the General Assembly recently passed legislation to double Ohio’s film making tax incentive in order to encourage big-budget films to be shot in the Buckeye State.
The legislation, passed by the Ohio General Assembly and signed by Kasich last month, will go into effect at the end of September. In addition to doubling the incentive cap, the law removes the $5 million cap for each project and raises the incentive rate to 30 percent of production dollars spent in Ohio.
Since 2011, when the state increased the tax credit to $20 million, 1,729 full-time jobs have been created and more than $400 million in total economic impact has been generated, according to the Ohio Department of Development.
In addition to the state tax credit, Section 181 of the Internal Revenue Code includes various federal incentives for filmmakers. Congress has extended these incentives through the end of 2016.
A previous blog post has additional information on the tax incentives available to filmmakers.