HB 696 by Rep. Montoucet was amended today on the House floor and it includes language that would be detrimental to the film industry.
The key provisions that would do harm are:
- $3 million above the line cap per person, per state-certified production for each employee reported on a W2 form.
- Reduction of the value of the credit by 10% after July 1, 2013.
Please contact members of the House of Representatives and urge them to vote NO on HB 696. Explain to them caps are bad for the industry.
The industry is sponsoring HB 693 which provides for industry supported cost savings. HB 693 is scheduled to be heard in the House Ways and Means committee on Monday, May 13, 2013. It will be amended heavily to put it in the proper posture.
The house is open, so contact your legislators NOW.