HB 451- Relating to Entertainment Industry Tax Credit Program
On Wednesday, March 18th, HB 451, relating to Entertainment Industry Tax Credit Program, by Rep. Mike Miller (R-Orlando) passed through its first stop in the House Economic Development & Tourism Subcommittee with 11 yeas and 2 nays.
The bill proposes significant modifications to the current incentives and benefits the state offers for companies within the film and entertainment industry. HB 451 both modifies the processes by which companies may receive such tax credits and exemptions and creates an additional incentive, the “Production Action Fund.”
The next stop for HB 451 is the House Finance & Tax Committee. AIF’s Senior Vice President of State and Federal Affairs, Brewster Bevis, stood in support of this bill.
AIF supports the Entertainment Tax Credit Program due to the jobs a more robust film industry would produce here in the state of Florida.
This bill updates Florida’s Corporate Income Tax Code by adopting the Internal Revenue Code as in effect on January 1, 2015. SB 7014 will now move on to the Senate Fiscal Policy Committee. AIF stood in support of this bill.
AIF supports continuing to phase out the corporate income tax.