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Posts Tagged ‘Ohio film tax incentives’

Ohio Film Tax Incentives- Take 2

The Democratic-controlled House and the Republican-controlled Senate on Tuesday, March 3, passed tax credit plans that were millions of dollars apart.

The House version, approved 83-14, would provide up to $20 million in refundable tax credits over two years, with a limit of $5 million per production. If the amount of a refundable credit reduces the tax liability to less than zero, the taxpayer gets a refund for the difference.

he Senate version, approved 20-11, would provide up to $100 million in nonrefundable, transferable tax credits per year, with a limit of $25 million per production. A transferable credit may be bought, sold or traded between taxpayers.

The Senate plan mirrors legislation Democratic Gov. Ted Strickland vetoed last year. Strickland backs the House version and has put money in his proposed state budget to pay for it, Amanda Wurst, his spokeswoman said.

Rep. Mark Schneider, D-Mentor, said the $20 million in the House plan was “responsible and appropriate.”

“It’s sending a message that Ohio wants your business,” Schneider said.

Meanwhile, over in the Senate, Sen. Tom Patton, R-Strongsville, said he didn’t think the House version would send that message at all. Forty-three states already offer tax credits, Patton said.
In both versions, the credits could be used for making movies, television series, commercials, video games and other productions

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