Pa. House Approves Measure To Award Previously Unused Film Tax Credit Money
By Tony Romeo
HARRISBURG, Pa. (CBS) - The state House has approved a measure that would authorize the state to dole out millions of dollars in unused film tax credits.
The bill, sponsored by Republican Jerry Stern, would allow the state Department of Community and Economic Development, DCED, to award more than $22 million dollars in film industry tax credits that went unused in the previous five fiscal years.
"Again, these were credits that were approved to be spent – already marked 'spent' in the budget – that for some reason were not," Stern said. "The specific intent of this legislation is to give DCED the legal authority to reissue these unused tax credits."
Stern says $367 million dollars in film tax credits have generated an estimated $2.7-billion dollars in economic activity. The bill now goes to the Senate for consideration.