There haven’t been any sightings of Tom Kat wearing Ryan Howard jerseys, but that doesn’t mean Philly hasn’t gotten all uppity and gone Hollywood. Ever since the PA lawmakers signed into effect Act 55 of 2007, Creativity in Focus, a plethora of Hollywood Production Studios have descended on Philly and the surrounding burbs, including M. Night Shyamalan’s “The Happening,” “The Lovely Bones,” staring Mark Wahlberg, “Happy Tears,” staring Demi Moore and Parker Posey, “The Dream of the Romans,” staring Lauren Graham and Jeff Daniels, and “Transformers II” with Hollywood ‘It boy’ Shea Leboeuf.
According to the PA Department of Community and Economic Development reports, the tax credit has resulted in more than $300 million in direct economic activity in Pennsylvania, which has created an estimated 4,355 jobs and generated nearly $20 million of new tax revenue.
Here’s exactly what the tax credit provides:
Effective July 1, 2007, Pennsylvania provides a 25% Film Production Tax Credit for film production expenses incurred in the Commonwealth. The transferable tax credit is available for feature films, TV shows and series, and commercials intended for a national audience. In order to qualify for the tax credit, 60 percent of the total production expenses must be incurred in Pennsylvania. No more than $75 million per year can be awarded” - courtesy of Greater Philadelphia Film Office
The best part: The budget for the tax credit was renewed for 2009! Score.
Note to Phillypreneurs:
If you want in on the cash cow of major motion picture production, there are a lot of opportunities for the industrious. A need for traditional services like craft services (catering on set) , courier services, location scouting and lodging management all come with the big budget caravan. Considering how huge these film budgets are and that they will pay almost anything to keep they’re high-end cast and crew happy, there are plenty of more entrepreneurial opportunities.
More about the PA Film Production Tax Incentive:
Innovation Philadelphia
Greater Philadelphia Film
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