Kentucky-based filmmakers benefit from recent film incentives bill
FRANKFORT, Ky. — A bill signed into law May 8 by Gov. Steve Beshear will give generous tax benefits to Kentucky-based filmmakers.
Sponsored by Rep. Rick Rand of Bedford, House Bill 340 provides more attractive tax incentives to film and television producers wanting to shoot in Kentucky. In addition to lowering spending thresholds for out-of-state producers, the bill significantly lowers thresholds on productions filmed in Kentucky by Kentucky-based producers. Kentucky filmmakers who spend at least $125,000 on a feature film or $10,000 on a documentary will qualify for the new incentives.
The bill increases the income tax credit from 20 percent to 30 percent for each production’s Kentucky-based spending. Productions may also receive an incentive of up to 5 percent for using Kentucky resident labor. The maximum incentive possible is 35 percent.
Reviewing the incentives the Commonwealth offers filmmakers was one of several recommendations made in the Kentucky Arts Council’s Creative Industry Report, which the arts council released in December 2014.
“On behalf of Kentucky’s creative industry, we are grateful that the General Assembly and Gov. Beshear see great potential in our state’s role in the entertainment industry and we want to congratulate the Tourism, Arts and Heritage Cabinet and the Kentucky Film Commission for their due diligence in seeing this legislation to its completion,” said Lori Meadows, arts council executive director. “Kentucky has a treasure trove of stories yet to be told, and a wealth of talent among Kentucky-based filmmakers. This legislation will help those filmmakers hone their craft.”
The Kentucky Film Commission will host a public meet-and-greet 6-7:30 p.m. Thursday, June 4, in Louisville at the Kentucky Center for the Performing Arts. Kentucky filmmakers are encouraged to attend, and will learn more about the updated film incentive program and future plans for film incentives in Kentucky. Those who plan to attend should email Rafael Hieatt at Rafael.Hieatt@ky.gov.
The Kentucky Arts Council, the state arts agency, fosters environments for Kentuckians to value, participate in and benefit from the arts. Kentucky Arts Council funding is provided by the Kentucky General Assembly and the National Endowment for the Arts. The arts council, along with the NEA, is celebrating 50 years of service in 2015, which the arts council is recognizing as the Year of the Arts in Kentucky.
- ### -