Thursday, April 23, 2009, 4:45pm CDT Gov. Perry signs film incentives bill
San Antonio Business Journal
Gov. Rick Perry signed a bill into law Thursday that will boost the state’s film incentive program.
“The passage of House Bill 873 is an important step in helping Texas regain its footing in the moving image business,” Perry said.
The legislation gives the Texas Film Commission flexibility in the amount of incentives it can offer film, television, commercial and video game projects. Under the new program, incentive payments for film and television projects will range from 5 to 15 percent based on the level of Texas spending.
Over the last few years, Texas has watched movie industry business head to neighboring states like Louisiana and New Mexico, which have offered more competitive incentives. The state estimates that about 7,000 crew positions and $500 million in production spending were lost to other states.
Perry said he believes that the enhanced incentive program will draw investment and create jobs in Texas.
“With this legislation, we are strengthening our state’s investment in a vital industry,” he said.
The entertainment industry has brought more than $1.2 billion dollars to the state in the past 10 years. Gov. Perry signs film incentives bill - San Antonio Business Journal: