The Los Angeles Times and Variety reported that the state of Michigan is offering 40% rebates
to movie studios to make their movies here now that Governor Granholm has signed pending
legislation into law this last week.
Governor Granholm said Michigan's program is designed to increase the number of productions
filmed on location in Michigan, attract production facilities, grow industry activities that support
film production, create jobs, and train workers for those jobs.
She cited other states that have used incentives including
Louisiana, which has seen reported annual production rise
from $7 million to almost $350 million; Connecticut's
production tax credit, touted as attracting 66 feature films
and $400 million in film expenditures; and New Mexico,
where production spending went from $1.5 million to
$476 million.
The Michigan program provides a 40% refundable or transferable tax credit for producing films in
Michigan, with an added 2% for films produced in "core" communities. It also provides a 25% tax
credit for film and digital media infrastructure investments.
Additionally, film and digital media production companies can receive job creation tax credits
issued by the Michigan Economic Growth Authority; loans from the Michigan Strategic Fund for
up to $15 million per qualifying productions in Michigan; loans against film production tax
incentives; and participation in the capital access program established by the Michigan
Strategic Fund. The law also includes a tax credit of 50% of expenditures incurred by a
production company providing on-the-job training for Michigan residents.
Maybe you'll see us Michiganders in the movies soon!
Copyright by Terry Westbrook 2008
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Sources: LA Times & Variety
http://www.flickr.com/photos/konaboy/177682200/
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The authors of the this blog write about Grand Rapids Real Estate, the Greater Grand Rapids MI area,
and what it is like to live in West Michigan. Grand Rapids Michigan is a vibrant, growing metropolitan
area with a diverse business community, great medical research & services, numerous universities,
plus lively arts and entertainment of all kinds. We believe: Grand Rapids is a Great Place to Live!
Westbrook Realty Grand Rapids MI Real Estate
Contact Terry 616-292-7263
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