On the heels of an announcement that the latest Johnny Depp feature will be partially filmed in Wisconsin, state legislators are now looking to improve the state's film industry tax incentives law credited for attracting the Depp project.
Wisconsin Lt. Gov. Barbara Lawton said Tuesday that State Sen. Jeff Plale (D-South Milwaukee) and State Rep. Pat Strachota (R-West Bend) circulated a bill to improve Wisconsin's Film Production Tax Credit Services Program for co-sponsorship. Lawton, a key supporter of the so-called Film Wisconsin legislation, is urging the Legislature to quickly pass the new bill.
"Today, Governor (Jim) Doyle announced that NBC Universal will bring Johnny Depp, Christian Bale and Michael Mann - not to mention $20 million - to Wisconsin," Lawton said. "I see this as the lead edge of the economic development and jobs coming in response to our film incentives."
The tax incentives offered by the state include a 25 percent credit for production expenses, including wages paid to Wisconsin residents for services and expenses for music, air travel and insurance from state-based providers. Incentives also include a 15 percent credit for equipment purchases primarily used for film production or for acquisition and improvement of real estate for state-based film companies.
The new bipartisan bill would allow film production companies to transfer unused, nonrefundable credits to other taxpayers, such as other film production companies. It would also phase in residency requirements for eligibility of film production employees for tax credits as the talent infrastructure needed for productions fully develops in Wisconsin.
Lawton said: "This bill will improve our potential to capture more film industry jobs for Wisconsin, and I urge the Legislature to move it forward to solidify Wisconsin's competitive position nationally."
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