In a joint press conference around tax credits and mostly targeting credits around data centers, House Bill 1180 was announced. See a copy here.
We are still reviewing the bill along with others to determine the impact to film production in the state.
- There’s new 10% uplift language, meet 4 out of 9 items
- Raises minimum production spend to $1M to qualify
- 2.5% of state budget eligible for transferability – transfers or sales in a calendar year shall not exceed an amount equal to 2.5% of the Governor’s revenue estimate for the corresponding fiscal year
The 2.5% language is an effective cap and that is one of the primary areas we are reviewing along with others. We anticipate edits, new bills and much debate as the session moves on. This bill would be effective on January, 1, 2026.
Meanwhile, the House adopted a $37.5 billon fiscal 2024 midyear budget with $5 billion in new spending.
From Capital Beat – Of the $5 billion spending increase, $2 billion would come directly from the unprecedented $16 billion in reserves the state has built up during the last several years… Among the big-ticket spending items is $1.5 billion for transportation improvements, including $659 million for projects in the existing pipeline, $509 million for projects aimed at more efficient movement of freight, $200 million for improvements to local roads, $100 million for resurfacing projects, and $53 million in airport aid.
More soon.
