This Missouri House Economic Development Committee often takes on very serious issues to promote economic development in the state, and most recently took on two issues that many Missourians love – movies and drinks.
House Bill 1628, sponsored by Rep. Bart Korman, R-High Hill, would expand the tax credit for wine and grape producers to also include distillers and microbreweries. Missouri’s current law provides tax credits to assist vineyards and wine producers with the purchase of new equipment and materials. This bill would give producers of beer and spirits the same benefits that winemakers currently receive.
House Bill 1451, sponsored by Rep. Kathy Swan, R-Cape Girardeau, would extend the sunset on film tax credits for another six years. The Film Production Tax Credit Program was started in 1999 and has offered credits to film productions for up to 35 percent of their in-state expenditures. Any film-production company with an expected in-state expenditure budget of at least $100,000 for films longer than 30 minutes, and at least $50,000 for films shorter than 30 minutes, is eligible to apply for the tax credits. Only in-state expenditures necessary for the production of the film may be claimed, such as equipment rental, lodging and property rentals and payroll expenditures for Missouri residents. The entire tax-credit program is capped at $4.5 million.
Swan’s district was home to a large film production in the fall of 2013 when 20th Century Fox spent nearly a month in Cape Girardeau filming the 2014 release “Gone Girl” which is based on a novel by Missourian Gillian Flynn.
Both bills were heard in committee but no action was taken.
For more information about tax credits, please contact Tracy King, vice president of governmental affairs for the Missouri Chamber, at email@example.com or by phone at 573-634-3511.