Iowa 2023-2024 Regular Session

Iowa House Bill HSB731

Introduced
3/6/24  
Introduced
3/6/24  

Caption

A bill for an act establishing the Iowa film production incentive program and fund within the economic development authority.(See HF 2662.)

Impact

The bill creates a framework that has the potential to boost Iowa's reputation as a film production location. By offering a 30% rebate on certain production expenditures, it incentivizes both local and out-of-state production companies to shoot in Iowa. This financial incentive is expected to attract new business to the state's economy and support jobs in the local film industry. Moreover, with a limited cumulative rebate cap of $5 million annually, the program also manages budgetary concerns while still promoting growth in the film sector.

Summary

House Study Bill 731 establishes the Iowa Film Production Incentive Program, which is designed to provide rebates to qualified production facilities for certain expenditures incurred while producing qualifying films, television series, documentaries, or unscripted series rated G, PG-13, or R. The program aims to stimulate the state's economy by encouraging film production within Iowa, and it represents a strategic effort to develop the local media production industry. The bill sets forth eligibility criteria for facilities as well as for expenditures eligible for rebates, specifying requirements around the infrastructure and production budget.

Contention

Despite the expected benefits, there may be points of contention surrounding the bill, particularly regarding the allocation of state funds and the prioritization of industries. Critics might argue that incentivizing film production could divert resources away from other pressing state needs. Additionally, there may be concerns about the potential for abuse of the incentive program, as qualifying expenditures must be diligently monitored and approved. The necessity of thorough auditing of claims made by production facilities may become an administrative burden, inviting scrutiny into the effectiveness and efficiency of the program's oversight.

Companion Bills

IA HF2662

Replaced by A bill for an act establishing the Iowa film production incentive program and fund within the economic development authority. (Formerly HSB 731.)

Previously Filed As

IA HSB305

A bill for an act relating to matters under the purview of the Iowa economic development authority, including tax credit limits, targeted jobs tax credits, and the major economic growth attraction program; creation of the business incentives for growth program, the seed investor tax credit program, the Iowa film production incentive program, the research and development tax credit program, and the sustainable aviation fuel production tax credit program; elimination of the high quality jobs program, the investments in qualifying businesses tax credit, employer child care tax credits, assistive device tax credits, endow Iowa tax credits, and research activities tax credits; and including effective date provisions and criminal penalties.(See HF 1054.)

IA HF1054

A bill for an act relating to matters under the purview of the Iowa economic development authority and the department of workforce development, including tax credit limits, the major economic growth attraction program, layoffs and facility closures, the brownfield redevelopment fund, and the Iowa economic emergency fund; creation of the business incentives for growth program, the seed investor tax credit program, the Iowa film production incentive program, the research and development tax credit program, and the sustainable aviation fuel production tax credit program; elimination of the high quality jobs program, the investments in qualifying businesses tax credit, employer child care tax credits, assistive device tax credits, endow Iowa tax credits, and research activities tax credits; and including effective date provisions and criminal penalties.(Formerly HSB 305.)

IA SSB1205

A bill for an act relating to matters under the purview of the Iowa economic development authority, including tax credit limits, targeted jobs tax credits, and the major economic growth attraction program; creation of the business incentives for growth program, the seed investor tax credit program, the Iowa film production incentive program, the research and development tax credit program, and the sustainable aviation fuel production tax credit program; elimination of the high quality jobs program, the investments in qualifying businesses tax credit, employer child care tax credits, assistive device tax credits, endow Iowa tax credits, and research activities tax credits; and including effective date provisions and criminal penalties.(See SF 657.)

IA HF2550

A bill for an act relating to small nuclear reactors, including the establishment of the Iowa modular reactor committee within the economic development authority, financial incentives, and the potential establishment of related education programs and including effective date provisions.

IA SB623

Establishing economic incentives for data centers to locate within WV

IA SB583

Establishing economic incentives for data centers to locate within state

IA SB857

Establishing economic incentives for data centers to locate within state

IA HB3137

Relating to establishing economic incentives for data centers to locate within the state

IA HB1452

Relating to the promotion of film and television production in this state, including the eligibility of film or television productions for funding under the major events reimbursement program, the creation of a film events trust fund and a film production tax rebate trust fund, the establishment of virtual film production institutes, and the designation of media production development zones.

IA HB2212

Relating to the promotion of film and television production in this state, including the eligibility of film or television productions for funding under the major events reimbursement program, the creation of a film events trust fund and a film production tax rebate trust fund, the establishment of virtual film production institutes, and the designation of media production development zones.

Similar Bills

No similar bills found.