The Assembly Ways and Means Committee has voted unanimously in favor of AB 231, which would create the State Film Office and a tax credit incentive for producing films in Wisconsin.
Filmmakers told lawmakers at a public hearing last week the bill would boost Wisconsin’s economy by providing resources and support to bring more films into the state.
Under the bill, film production companies could apply for a credit equal to 30% of the costs for salary or wages of Wisconsin residents paid to produce a film, video, broadcast advertisement or television production in the state. The bill would also allow a credit for 30% of production expenditures or 30% for the sales and use tax to establish a production company in the state.
The credit for any one company could not exceed $1 million, and the total money spent in credits could not exceed $10 million per year.
Rep. Nate Gustafson, R-Fox Crossing, said yesterday he’s “not a huge fan” of the bill and would like to have more conversations before final passage because it’s not ready for “showtime” quite yet. He still supported the bill during yesterday’s vote.
Rep. Dean Kaufert, R-Neenah, said he’d like to see reporting or data on how the bill would impact the economy.
Gov. Tony Evers made a similar proposal in his budget. Under his proposal, the film production company may claim a tax credit equal to 25% of the wages or salaries paid to Wisconsin employees to produce the film. He also includes a total cap at $10 million and a $1 million limit for any individual applicant.
The committee also unanimously passed AB 17, which gives a tax credit for businesses to convert to a worker-owned cooperative or an employee stock ownership plan. And lawmakers unanimously approved AB 240, which creates a sales and use tax exemption for equipment associated with a search and rescue dog.
