Wisconsin Ups its Tax Credit Game
Although much of Hollywood’s attention has, understandably, been on California’s ongoing issues with the allure of its tax credit incentives for location shooting, we’ve seen a considerable amount of other states keen to get their slice of the filming pie. Just last week, Wisconsin announced new changes to its tax credit program aimed at sweetening the deal for interested films and TV shows further. Brandon Blake, our expert entertainment lawyer from Blake & Wang P.A., shares the news.
Reawakening the State Film Office
Wisconsin itself has seen little activity from its state film office since 2005. Now, however, it is to be refreshed and reactivated, with an approved $5M in annual tax credits on offer. This includes a $1M cap per project made in the state, building on the momentum first created by a failed bill earlier this year.
While that is a relatively small cap compared to some states, it still shows the immense pulling power having productions film in a specific state can create. After all, this is where the tongue-in-cheek Hundreds of Beavers was filmed, a project that managed to earn $1M off of a $150,000 investment during its theatrical run alone.
Telling Wisconsin Stories
One thing is clear from the rhetoric around the new program. They’re hoping to lure Wisconsin filmmakers to take their shot at big-screen glory, rather than court existing Hollywood studios entirely. Notably, this was also a fully bipartisan movement, again suggesting it is expected to have more impact within the state itself than on Hollywood’s big movers and shakers. Support for these incentive programs has been on the rise both domestically and globally since the COVID pandemic and its accompanying recessions for the industry, with at least 18 states now offering some form of tax incentive for location shoots.
From the state whose motto is “Forward”, it’s certainly some welcome news. It will be intriguing to see what comes from the program as it takes its inaugural steps among intense competition.
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