Greater Phila. Film Office Economic Action Advice: Remove Cap on Film Production Tax Credit

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Image via Scott Weiner at the Philadelphia Business Journal.
Sharon Pinkenson, Greater Philadelphia Film Office Executive Director.

Removing the cap on the state’s $70 million film production tax credit would have a positive effect on the region’s hospitality and tourism economy. Further, it would help the region rebound from the COVID-19 pandemic, according to Greater Philadelphia Film Office Executive Director Sharon Pinkenson. Laura Smythe focused her lens on the tax credit’s implications for the Philadelphia Business Journal.

Pinkenson said that Pa.’s “frustratingly underfunded” film incentive program has untapped potential to generate more business for every segment of the region’s hard-hit tourism and hospitality industry. Achieving that end, she recommended, was just a matter of gaining more support.

She made the comments at the Philadelphia Business Journal‘s virtual economic forecast event.

Up to the cap limit, some in-state film projects can qualify for up to a 30 percent tax credit on expenses. However, the $70 million statewide limit severely restricts the film business the region is able to attract. It hinders funding that actors, crew members, and production teams then spend on area hotels, restaurants, transportation services, retail stores, and additional outlays, according to Pinkenson.

The Pa. cap limit also hampers the area’s competitiveness for projects headed to areas with uncapped incentive programs, such as New York and Georgia.

Read more about the film production tax credit in the Philadelphia Business Journal.

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