Sponsored by Senate Majority Leader Johnny Ellis (D-Anchorage), the bill is designed to make Alaska a competitive location in the global competition for billions of dollars in annual spending by the film and television industry, and attract investment that will put Alaskans to work while highlighting our state's natural beauty.
"In my years in the legislature, I have learned that when an opportunity like this comes along to create a new industry in Alaska, you have to take it," said Ellis, chair of the Senate Labor and Commerce Committee, "and I am excited about inviting film producers here to share our state with the world and put Alaskans to work."
The Film Incentive Program provides a 30 percent transferable tax credit against corporate income taxes to qualified productions on qualified expenditures made in the state, with an additional 10 percent bonus for Alaska hire and two percent bonuses for winter and rural spending. The program will sunset the earlier of 5 years or after the issuance of $100 million in credits. The Film Office is tasked with promoting Alaska as a filming location, coordinating Outside producers with local workers and businesses, and administering the Incentive Program in cooperation with the Department of Revenue.
Film incentive programs in other states have spurred long-term economic growth, attracted millions of dollars in investment, and created thousands of high-paying jobs.