Missouri is to reinstate its film tax credits, 10 years after the state's incentives expired in 2013.
Gov. Mike Parson (pictured) has signed a bill into law that will offer tax credits for the film and music industries later this year, with an expiration set for 2030.
“In order for recording artists to qualify for this, then they have to also do two concerts in the state of Missouri,” said Gregory. “Just the economic impact from when a guy like Tim McGraw, Kenny Chesney, Taylor Swift. If she comes and does a concert here, the economic impact out of that is unbelievable, when you fill up Arrowhead Stadium with you know, 50 or 60,000 Kenny Chesney fans.” (Via Missourinet)
Tax credits will be provided equal to 20% of qualifying film production expenses, along with additional credits if criteria is met. They will also be offered for live entertainment rehearsal, and tour expenses equal to 30% of the cost.
“All the money has to be spent first before the credit actually goes out, unlike some other credits where you’re going to get it regardless and then maybe it doesn’t get spent. So has to be spent – it has to be reviewed that they follow all the certain parameters that are laid out in order to receive then the tax credit. And so, I think it’s just be a huge boom to the state of Missouri. There’s over 5,000 graduates a year in film production,” said Gregory.
Missouri will optimise the incentive programme to compete with Georgia, which has attracted a myriad of international projects to the state in recent years including Clint Eastwood's Juror #2, Disney's live-action Moana, and James Gunn's Superman: Legacy.
“We’ve got Kansas City, St. Louis, Springfield, Branson, the Lake of the Ozarks, Table Rock Lake, the Missouri River. In my district, we have Arrow Rock. You’ve got St. Joe,” he added. “You’ve got Kearney. The of Jesse James. Like there’s just so much historical stuff in the state of Missouri, lots of different places that can be filmed to make it look like you’re in the 1800s all the way up to modern day.”