Tourism, Arts and Heritage Cabinet
First Film Incentive Application Under New Legislation Approved
FRANKFORT, Ky. – Incentives for a major film production to be shot in Kentucky were approved today, the first under legislation approved during this year’s special legislative session.
The Kentucky Tourism Development Finance Authority approved an application for the film “Secretariat,” from Fast Track Productions, Inc., a subsidiary of Disney Studios, about the 1973 Triple Crown winner.
“This is a great way to kick off Kentucky’s new film incentive package,” said Gov. Steve Beshear. “I think it’s appropriate that a state known for thoroughbred racing be a part of a film about one of the most well-known horses in racing history.”
The film incentives were included in House Bill 3, which was proposed by Gov. Beshear during the special session in June.
“Films like ‘Secretariat’ will offer Kentucky communities and small businesses a great opportunity when it comes to film production,” said First Lady Jane Beshear, who testified in support of the film incentives. “I’m hopeful that the incentives we offer will prompt more filmmakers to follow and help us promote Kentucky’s beauty and economic development opportunities.”
Fast Track Productions’ application projected $4 million in expenditures, meaning the production is eligible for $800,000 in tax credits.
The bill makes the incentive available to companies that spend at least $500,000 to produce feature films or television shows in Kentucky and makes commercials and documentaries eligible with required spending levels reduced to $200,000 and $50,000, respectively. Broadway Shows produced in Kentucky for national tour are eligible for incentives with at least $50,000 in qualified expenditures. The incentive is a refundable income tax credit of 20 percent of approved expenditures.