Texas Goes Large, Triples Film & TV Production Incentive

The Lone Star State just ponied up some serious bucks to bring film and TV production to Texas. Last week the state Legislature voted $95 million for use by its Texas Moving Image Industry Incentive Program for the next two years. That’s a jump of $63 million from the program’s present level. Senate Bill 1 now moves to Gov. Rick Perry to sign into law. The state’s program was set to expire in August if it had not been refunded.

Related: ‘Entourage’ Movie, ‘Justified’ ‘Teen Wolf’ & ‘King And Maxwell’ Among Winners Of California Tax Credit Production Lottery

The bounce up from the program’s current $32 million level was in part due to $68 million allocated from the state’s Hotel Occupancy Tax. Like many states around the country, Texas has started offering lucrative incentives in recent years to lure production. The $95 million is the most Texas has ever committed to its TV and Film incentive program. The previous high was $63 million allocated in 2009 only to be cut to $32 million is statewide program budget cuts in 2011. While nowhere near the $420 million that New York offers annually, the newly approved Texas’ program is just a nose behind the $100 million that California awards producers and filmmakers every year under a lottery system. (more…)

This article was printed from https://deadline.com/2013/06/texas-goes-large-triples-film-tv-production-incentive-program-514890/