Oklahoma is looking to strengthen its film industry with the passage of new legislation, setting itself up for a vibrant future in media production.
Oklahoma could be the next Hollywood as new legislation seeks to bolster the state’s film industry.
This proposition would exponentially amplify Oklahoma’s commitment to reimbursing film projects for choosing the state as their production hub. It is a measure that Oklahoma has long made, but this upgrade will be much more significant.
“Going from a $30 million incentive to an $80 million incentive would account for over $500 million in direct spending in our state,” declared Rachel Cannon, founder of Prairie Surf Media.
Oklahoma filmmakers have something to celebrate with the passing of House Bill 1362, which plans to provide more financial support for their projects. This bill furthers the Filmed in Oklahoma Act of 2021 by raising its annual cap from a modest $30 million to an impressive $80 million! With this kind of backing and incentives, filmmakers can bring even more fantastic visions into reality.
“You can either shoot in rural Oklahoma or on sound stages. You can use tech, post, music, or make a residual impact with a TV series or multi-picture deal,” Cannon exclaimed.
With this legislation in place, a maximum rebate of 30% is now available for qualified production costs – considerably less than the previous 38%.
“Most projects need around 30, and 25 is the minimum metric to get financing,” Cannon declared.
The legislation aims to benefit independent, low-budget productions with a new provision.
“We added another category this year that would be another $5 million off the top to productions that are under $1 million,” According to Cannon.
With the passage of this bill, Cannon is positive Oklahoma will remain a viable choice for filmmakers. According to her, our state will only be contending head-to-head with larger entities such as California or Georgia regarding incentives.
“North Carolina, Massachusetts, Louisiana, New Mexico, these are all in that 100 to 150 million range, so 80 gets us close enough to that where I think we can be competitive there,” Says Cannon.
The governor’s signature is the final piece needed for this bill to become active on November 1st, 2023.
More Project Casting Entertainment News:
Djimon Hounsou on Feeling ‘Cheated’ by Hollywood
Djimon Hounsou Reveals Frustration Over Hollywood’s Unfair Payment: ‘I Only Wish That One Movie Had Paid Me Equitably’ Djimon Hounsou is making his voice heard …
Ben Affleck Reveals Michael Jordan’s ‘Air’ Requirements
While directing ‘Air,’ Ben Affleck reveals Michael Jordan’s requests. SXSW was abuzz this weekend with the star-studded premiere of Ben Affleck’s eagerly awaite…
Jack Black to Film ‘Dear Santa’ in Atlanta
Jack Black and the Farrelly Brothers are again joining forces for a funny new comedy set to shoot in metro Atlanta, entitled ‘Dear Santa.’ Jack Black is returni…
