Senate Approves Tax Credit Aimed at Boosting Film/Music Production in Oklahoma
The State Senate has given full approval to a measure designed to boost film and music production in Oklahoma. House Bill 1716 , by Sen. Debbe Leftwich, D-OKC, and Rep. Susan Winchester, R-Chickasha, creates an income tax credit equal to 25 percent on profits for a film or music project when those profits are re-invested into another Oklahoma film or music project.“I believe this is an excellent incentive to attract more film and music production to our state and ensure they’ll keep coming back. These are non-transferable tax credits that are good for the entertainment industry and good for Oklahoma,” Leftwich said.In addition to HB 1716, Sen. Leftwich has also authored SB 877 which amends the Tourism Development act to extend tax benefits to music productions as well as film. “Look at the incredible musical talents our state has produced—people like Reba McEntire, Garth Brooks, Toby Keith, Vince Gill—and there are many more. Why not build on that talent and really go after developing a music production industry right here. If Austin can do it, why can’t we? I believe each of these bills will help move us in that direction,” Leftwich said.Both SB 877 and HB 1716 will next move to conference committees where the final version of each measure will be written.
Source: Senate Press Release