Please follow this link to a story by the Memphis Daily News on the recent development on film incentives in Tennessee. Andy Meek's story says:
The pot of state money available to spur film production in Tennessee got a couple million dollars richer a few months ago.
Thanks to a measure sponsored this past legislative session by state Sen. Mark Norris, R-Collierville, an additional $2 million is now available to incentivize film production in the state. But the good news goes deeper than that seven-figure sum for Tennessee’s film industry.
That money represents a recurring stream of revenue for the Tennessee Film and TV Incentive Fund.
“When producers would look at Tennessee, they saw a $10 million fund that had been drawn down,” Norris said. “Investors want to know this money is a recurring prospect. This is something I’ve always been passionate about. The film industry is a wealth of economic opportunity for Tennessee, and (this incentive) is as important as any that we provide.”
The Daily News story further quotes Memphis & Shelby County Film and Television Commissioner Linn Sitler on why the state is at a disadvantage compared to states with income taxes that are part of the incentives mix.
“There’s no way we can compete for big studio pictures with states like Georgia and Louisiana, because we don’t have the coffers that they have,” Sitler said. “Tennessee doesn’t have the same way to get the incentive money back penny for penny that those states have.”
The story also quotes Sitler on how the fund increases the prospect of attracting productions with budgets of $5 and under and TV productions.
“That’s opposed to a $20 million or $30 million project, which would break the fund every year,” Sitler said. “By keeping the fund replenished, though, we can become a home for lots of smaller budgeted projects. And the beauty of those is they’ll hire more local crew members.
“Another thing I’ll say: the fact that (Sen. Norris) could do this in this economic climate is impressive.”