In 2007 the Iowa Legislature passed the Iowa Film, Television, and Video Production Incentives Program, which provides a 25% investment credit; 25% production expense credit; and exemption from Iowa income tax for wages earned on qualifying projects by resident Iowa workers. Projects must spend $100,000 or more in Iowa; be designed for distribution beyond Iowa; and not be pornographic in content.
On September 18, 2009 Governor Culver froze all Film Office activity due to "reported irregularities in the handling of the Film Program."
On January 8, 2010, the Tax Credit Review Panel recommended eliminating the film incentives program.
The Iowa Motion Picture Association is disappointed with the Tax Credit Review Panel’s recommendation to eliminate the Film, Television and Video Promotion Program.
The IMPA disagrees with this recommendation and believes that the program should be maintained. The program provides multiple benefits to Iowa’s economy and culture. The tax incentives facilitated a fast growing and exciting economic engine for Iowa during a severe economic downturn. It should be recognized that the film promotion program was achieving its intended goals.
The Film, Television and Video Promotion Program:
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Creates skilled/high technology employment
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Diversifies the state’s economic industries
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Attracts new and retains current residents
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Funnels out-of-state money into local economies
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Acts as a promotional vehicle for the state
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Increases state tourism
Film, television, and video production is a clean, Green industry that provides good jobs and equal opportunity for urban and rural locations.
Please contact your state legislators and ask them
to support the Iowa Film, Television and Video Promotion Program.
For updates, please visit the IMPA blog: http://impatv.blogspot.com