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Farnese: Waterfront, Film Tax Credits to Help Spark Investment
On July 13, 2016
Harrisburg – July 13, 2016 – Closing out the 2016-17 budget, the Senate addressed a $1.2 billion hole in the recently passed $31.5 billion spending plan with a new revenue package that includes waterfront and film tax credits that can be used to spark development, state Senator Larry Farnese (D-Philadelphia) said.
“Key aspects of the revenue package passed by the Senate today are incentives for organizations and investors to work together on new film projects and further development of our waterfronts,” Farnese said. “When we invest in our communities with targeted investments everyone wins.”
As a part of the new revenue plan, beginning in 2017-18 Fiscal Year, the Film Production Tax Credit will increase to $65 million and will be expanded to include post production costs. Also, in 2017-2018 a new Waterfront Tax Credit of $1.5 million will be available to encourage development along Pennsylvania’s waterways.
“Philadelphia has been fortunate to host many successful film projects,” Farnese said. “Each of these projects builds on the one before, allowing us to focus on growing jobs, investing in our communities and giving Philadelphia the opportunity to play a key role in the film industry.”
As Democratic Chair of the Senate Community Economic & Recreational Development Committee, Farnese noted the importance of this plan to the tourism market in the city.
“Philadelphia is well-known as one of the largest tourist locations in the country but without continued development of our waterfronts, we could lose our edge,” Farnese said. “The tax credits are devices that can be used to leverage more private sector investments and attract new visitors and businesses.
The revenue package, House Bill 1198, was approved on a 28 to 22 vote.