Jacobs: Governor signs law to Extend Film Tax Credit

Staff Writer
Aledo Times Record

Legislation sponsored by Senator Mike Jacobs (D-Moline) has been signed into law by Governor Quinn which will extend the sunset date of the Film Production tax Credit by an additional five years.

"We are seeing a record number of television and movie productions taking place all across the state," stated Senator Jacobs.  "This measure will ensure that we can continue to draw these productions to Illinois, not just to shoot a scene or two, but also to sustain a television series, such as the 'Chicago Code'."

Senate Bill 398 will increase the sunset provision of the Film Production Services Tax in five year intervals.  This means that every five yea the provisions of this tax credit will be reexamined and either reauthorized or ended.  To date it is estimated that the film industry has spent more than $155 million in Illinois in 2010 alone.  In comparison, in 2003, when there was not a film tax credit, film spending in Illinois was only $25 million.   

The credit is equal to 30 percent of a film's qualified expenses that are spent in Illinois.  A company can get an additional credit of 15 percent for the cost of salaries paid to employees that live in an economically disadvantaged area.

"I applaud the Governor's action to make this bill law," stated Jacobs. "Though this credit we are bringing production companies to Illinois, where they spend money and put people to work."