Florida's tax incentives for the film industry would be greatly expanded under a measure announced this morning by Orlando Rep. Steve Precourt. Joined by Senate President-in-waiting Mike Haridopolos, the Republican argued the incentive is a good way to encourage economic development.
The proposal would offer up to $75 million in credits for qualifying films each year for three years. Credits could be issued immediately but could not be claimed until 2012.
Florida's film incentives peaked in 2007 with a $25 million budget. That has been slashed to $10.8 million. In the current fiscal year, half of that budget is taken up by the hit TV show Burn Notice.