Governor Tom Corbett (R-PA) allocated $60 million in his proposed 2012-13 budget for the PA film tax credit, a way to incentivize film and television studios to use the Commonwealth as a prime filming location.
This is not a new program. Since its inception, the program has granted $242.5 million in tax credits that have generated over $1.8 billion in PA economic growth and created or sustained 14,500 jobs. Pittsburgh alone has seen a local impact of over $450 million, which is highly impressive considering the cost of $57.7 million to the state in respective tax credits. The region saw a boom in film/TV production between 2007-2010 that outweighed the previous 15 years combined. It’s helped Pittsburgh become a prime location for filming movies such as Unstoppable, Love and Other Drugs, The Next Three Days, and One Shot.
The Pittsburgh Post-Gazette article itself promotes the General Assembly to approve Governor Corbett’s $60 million for the film tax credits. Notably, the paper also recently acquired 31st Street Studios, one of Pittsburgh’s largest industry production studios. However, the article overlooks the fact that in previous years, Pennsylvania set aside $75 million in the budget for the film tax credit program. While PA is currently about $430 million in the hole, this is but one of almost all state programs being cut this year. However, time will tell if this 20% cut will have a significant impact on bringing studio bigwigs back to the Commonwealth.