SB1154 Maryland Film Production Activity Tax Credit Received Final Passage
On the morning of the final day of the Maryland General Assembly, SB1154- the Maryland Film Production Activity Tax Credit, received final passage and is off to the Governor’s desk for signing.
The final bill, which was amended by both chambers, provides an annual credit amount which increases incrementally until it reaches $20M and will continue at that level. Starting amount in FY19 is $8M, $11M in FY20, $14M in FY21, $17M in FY22 and $20M in FY22 and each fiscal year thereafter. There is a $10M per project cap and a 10% carve out for small Maryland productions.
MFIC thanks the primary bill sponsors, Chairman Kasemeyer and Senator Peters, the house bill sponsor, Delegate Luedtke, and the support of Senate President Mike Miller, Speaker of the House Mike Busch, the House Ways and Means Chair Anne Kaiser and the rest of the Maryland General Assembly who voted for this bill.
We also thank all of our wonderful advocates who came to hearings, provided testimony, wrote letters and responded to all of our call to actions. Your assistance helped get this bill passed!
We now have a program that first and foremost provides certainty with dedicated amounts in future years.