Some praise the new program for allowing Arizona to compete with neighboring state New Mexico, though legislative analysts predict that the state will not see a return on its investment.
Arizona will hand out up to $125 million a year in tax breaks to Hollywood, joining the ranks of just a handful of states with nine figure caps in their incentive programs.
Under a program that Gov. Doug Ducey allowed to become law on Wednesday without his signature, productions that shoot in Arizona will be eligible for a refundable tax credit of 15 to 20 percent of expenses. The Arizona Motion Picture Production Program will start at $75 million in 2023 and grow to $125 million by 2025.
To qualify, producers must use an Arizona production facility or, if the project is primarily filmed on location, must mostly shoot and conduct pre and post production in the state. The program features a tiered credit system: productions that spend less than $10 million will get a base tax credit of 15 percent, while those that spend more than $35 million will get 20 percent. Projects with budgets from $10 million to $35 million are eligible for 17.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Arizona Poised to Compete for Filming With New $125 Million Tax CreditFor years, Arizona has watched with envy as New Mexico developed a thriving film economy thanks to a generous tax break. So now the state is getting in on the action. Gov. Doug Ducey, a Republican,…
Read more »
Hollywood taking notice of Arizona's film potentialHollywood is taking notice of Arizona's film potential by highlighting a tax incentive bill waiting for the Governor's signature and Mescal Movie Set.
Read more »
New film bill's tax incentives could flip the script on movie productionLast week, Arizona lawmakers passed a bill providing tax refunds for movie studios in an attempt to revive the state’s film industry.
Read more »
New York to apply tougher energy efficiency standards with new climate lawsNew York Gov. Kathy Hochul signed a bill into law Tuesday that will bolster the state’s building code when it comes to greenhouse-gas emissions and place tighter energy efficiency standards on new household appliances.
Read more »
Did Prop 47 Legalize Theft Under $950 in California?Prop 47, which became a California law in 2014, reclassified certain theft and drug possession offenses from felonies to misdemeanors.
Read more »
Justice Dept. Sues Arizona Over Voting Law Requiring Proof of CitizenshipDepartment of Justice sues Arizona over voting law requiring proof of citizenship
Read more »