The Florida House has passed SB 1752, the companion bill to HB 697 (which previously passed early last month), okaying legislation that would provide $242.0 million in tax incentives to film, television and digital media productions within the state over the next five years.
The measure passed the House 115-0 and is now just a pen stroke away from becoming law, which appears to be a mere formality, as Florida Governor Charlie Crist praised the bill, stating, “I applaud the Florida Legislature for supporting a bill that provides high-wage jobs for Floridians and aids in the diversification of Florida’s economy.”
Digital media producers within the state would be eligible for tax breaks of 20.0 percent. It’s expected that the legislation could induce up to $1.2 billion in direct spending within the Sunshine State.
The Entertainment Software Association (ESA) was also pleased with the bill. President and CEO Michael Gallagher said, “These incentives will help keep Florida competitive in the digital media marketplace, attracting and providing 21st Century jobs in our growing industry and boosting the state’s economy.”
It’s anticipated that applications for the new incentives will begin being accepted on June 7.