State Senator: Extend Tax Breaks For Film Industry
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SPRINGFIELD, Ill. (WBBM) – Some Illinois lawmakers want to make sure the film industry keeps coming back to Illinois, for the next decade, at least.
As WBBM Newsradio 780’s Alex Degman reports, the state Senate has passed a measure that keeps Illinois’ current tax credits to film companies for the next 10 years, at which point they will disappear.
LISTEN: Newsradio 780′s Alex Degman reports
State Sen. Iris Martinez (D-Chicago) says this will give filmmakers more time to plan.
“Sometimes we hear from the film industry that it takes a couple years before they can do the whole entire production, and if you have a sunset of five years, what we’re going to do is we’re going to end up losing,” Martinez said. “We’re not going to be competitive with states that don’t have any sunset.”
The measure would only take effect if separate legislation, Senate Bill 4, takes effect. That bill would impose a sunset on film tax credits, as part of a large revision of several tax credits currently offered by the state.
The sunset bill, first proposed by the state House, would eliminate tax credits for the film industry after five years.
“When you look at the sunset that was put in by the House, it makes no sense,” Martinez said. “If anything it would discourage the industry from planning-long term.”