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State to Begin Film Tax Credits
(IRN)-Illinois representatives want to impose the first ever sunset on tax credits for film companies who produce movies in the state. The proposal hasn't become law, but the other chamber already wants to change it.

The proposed five year sunset means tax credits given to film companies would disappear after five years. State Senator Iris Martinez (D-Chicago) wants to change that to ten years.

"When you look at the sunset that was put in by the house, it makes no sense," she explains. "Anything that would discourage the industry from planning long term… this helps the industry continue to keep Illinois competitive with other states that have no sunsets."

This measure would only take effect if the five year sunset, which is one component of a different measure (Senate Bill 4), is signed into law.

Martinez says the film industry generated more than $150 million in revenue last year alone.

(Source: Illinois Radio Network)
04 05 11 by Newsroom
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