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For Immediate
Release
2/10/09
Vance Proposes Legislation to Place Moratorium
on Film Tax Credit Program
HARRISBURG – In the face of the Commonwealth's current
fiscal woes, Sen. Pat Vance (R-Cumberland/York) has introduced legislation to
suspend Pennsylvania's $75 million Film Production Tax Credit program.
Senate Bill 262 prohibits the Department of Community and
Economic Development (DCED) from entering into any contracts for the award of
Film Production Tax Credits through December 31, 2010.
"In light of the significant budget shortfalls we are
facing this year and next, we cannot continue to commit millions for a tax
credit that is not cost-effective," Vance said. "A DCED report estimates that
$75 million in film production tax credits generates only $18.3 million in new
tax revenues.
"The Governor is freezing wages and considering layoffs of
state workers, and it would be unconscionable in this environment to continue
awarding tax credits to film companies," Vance added. "Failure to suspend this
tax credit sends the wrong message about our fiscal priorities."
Vance's district includes all of
Cumberland County and Carroll, Fairview, Franklin, Monaghan, Warrington and
Washington townships and Dillsburg, Franklintown and Wellsville boroughs in York
County.
Contact:
Tracy Polovick
(717) 787-8524
Additional Information:
Tax Relief
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