‘Hoosiers’ screenwriter bullish on new film incentives
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe screenwriter for the film classic Hoosiers believes a new Film and Media Tax Credit in Indiana will mean big economic and talent benefits for the state. The Indiana Economic Development Corp. has begun accepting applications for the incentives, which includes tax credits of up to 30% for qualified productions. “Our public institutions are spending millions of dollars training these students only for them to leave, so it’s a big brain drain problem,” said Angelo Pizzo.
In an interview on Inside INdiana Business with Gerry Dick, Pizzo said the incentives put Indiana on more of a level playing field.
“When we first started this venture in 2006 to try to get a tax credit here, there were only 12 states that gave tax credits,” he said. “Because the economic impact is so great for so many states, more and more states have taken on these credits, and now they’re onto 38.”
Pizzo says in Georgia, more than $4.4 billion was spent by film production companies in the last fiscal year. But he says the overall economic impact should be multiplied by five.
Indiana’s film incentives include up to 20% for qualified production expenses, including acquisitions, filming and sound, labor and story rights; up to 5% for having at least 20% of the overall workforce based in Indiana during pre- and post-production; and up to 5% for adding an IEDC-approved Indiana brand to the production’s credits.
Eligible productions could include film, television, music, or digital media.
Pizzo says the impact of the tax credit could be spread across all communities in the Hoosier State.
“That’s one of the great things about Indiana. They have a great diversity in terms of topography. They have the sand dunes of Lake Michigan. They have the river towns. They have the big city of Indianapolis and the topography of southern Indiana. It’s one of the most beautiful parts. People don’t even know about it and no film companies have really utilized how gorgeous [a place] like Brown County is.”
Applications for the Film and Media Tax Credit are being accepted through October 31.