The ReadingFilm Office is excited to announce that the PA Film Tax Credit has been increased to $100 million! “We applaud the Pennsylvania Legislators for increasing PA Film Tax Incentives and seeing the benefits of a vibrant film production industry in PA”, said Executive Director, ReadingFilm, Cammie Harris.
Keeping the PA film tax credit competitive is a key part of attracting new projects into our region. ReadingFilm’s mission is to grow film production in the region, build a local production community, support film productions through location scouting and connecting them with production resources, and market Greater Reading as a film destination location. Since its inception, ReadingFilm has supported dozens of local and visiting film productions, produced a short film to market the region, created a film festival and a high school film competition, hosted numerous community events, supported local artists, and helped Pulitzer Prize winner and Tony nominee Lynn Nottage and Emmy winner Tony Gerber create SWEAT and THIS IS READING. The tax credit increase is extremely beneficial in attracting more film production to our region.
While the bulk of film production has traditionally happened in LA and NY, states around the country are learning the value of investing in the film industry. Film production is a huge economic driver in the communities which have capitalized on its potential. In 2020 – a year when the pandemic literally shut down production for months – the industry accounted for nearly $234 billion dollars of the US economy. That economic impact has grown each year and is expected to nearly double by 2030. Jobs in the film production sector are 50% higher paying than the national average. Most of the people in the industry are small businesses, with under 10 employees. A major motion picture can infuse up to $250K each day into the local economy, while a TV show can generate $150K a day in local spending.
In addition to a $30 million increase to the overall film tax credit, $5 million has been carved out for independent films. This will give small budget, independently produced, and local film productions a greater opportunity to take advantage of the film tax credit program.
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