The Missouri film industry has experienced a significant surge in growth since the reinstatement of the state’s film tax credit program in 2023. Over the past three years, the industry has generated over $33 million in revenue, with 40 films produced in the state. However, producers and industry experts are now calling for changes to the current tax credit program.
Current Tax Credit Split
Currently, the state has two separate pots of money for the 50% tax credit: $8 million for TV projects and $8 million for movies each year. This split has resulted in big projects being deterred from investing in Missouri due to the limited funding available.
Industry Concerns
The film industry has expressed concerns that the current split is not conducive to attracting large-scale productions. With a combined pool of $16 million, producers believe that the state can better compete with other states that offer higher tax credit caps, which range from over $100 million.
- Industry experts emphasize the need for a more unified approach to tax credits, allowing for greater flexibility and competitiveness.
- Producers like cole payne highlight the challenges of working within a limited budget, making it difficult to attract big-name talent and resources.
- The current split is seen as restrictive, hindering the growth of the missouri film industry.
A Bill to Combine Pools
St. Charles Republican Rep. Colin Wellenkamp has introduced a bill that aims to combine the two pools of money into a single $16 million pool. This change would allow the industry to more effectively compete with other states and attract larger productions.
Benefits of a Unified Approach
A unified approach to tax credits would provide several benefits, including:
- Increased flexibility and competitiveness in attracting productions.
- A more streamlined process for film production, reducing administrative burdens.
- Greater opportunities for growth and development in the Missouri film industry.
Folk: A Missouri Town’s Film Industry Hub
Folk, a small town located about 15 miles south of Jefferson City, has become a hub for film production in Missouri. The town’s quaint atmosphere and diverse landscapes have made it an attractive location for productions.
“Folk is a far cry from Hollywood, but the quaint Missouri town about 15 miles south of Jefferson City is the location of a multi-million dollar movie production,” said Cole Payne, film producer.
Missouri’s Film Industry Grows
Since the reinstatement of the film tax credit program, the Missouri film industry has experienced significant growth. Over the past three years, the industry has produced 40 films, with a total revenue of over $33 million.
Industry Expert Insights
Industry expert Cole Payne highlights the importance of the Missouri film industry and its potential for growth. He emphasizes that while the current tax credit program has been beneficial, it needs to be modified to better accommodate the industry’s needs. ““It’s a combination of being very friendly for outside filmmakers but also being very positive for Missouri,” said Cole Payne.
Legislative Action
St. Colin Wellenkamp’s bill is set to be voted on by a Missouri House committee on Tuesday morning. If the bill passes, it would combine the two pools of money into a single $16 million pool, providing the industry with greater flexibility and competitiveness.
Industry Support
The bill has received positive feedback from industry experts and producers like Cole Payne, who see the changes as a positive step forward for the Missouri film industry.
Conclusion
As the Missouri film industry continues to grow and thrive, it’s essential to address the current limitations of the tax credit program. By combining the two pools of money into a single $16 million pool, the industry can better compete with other states and attract larger productions. With the right approach, Missouri can solidify its position as a major player in the film industry.
