Minnesota May Boost Film Tax Credit: A Win for Film Financing Companies

Minnesota may soon become an even more attractive location for filmmakers and film financing companies per a news article in the Minnesota Star Tribune by Jessie Van Berkel . Lawmakers are considering a bill that would increase the state’s film production tax credit by a staggering 400%.

Currently, the state offers a 20% tax credit for eligible production costs incurred in Minnesota, with a cap of $2 million per project. If the bill is passed, the credit would increase to 30% and the cap would increase to $4 million.

This proposed increase is a response to the recent success of filming in Minnesota. Major productions such as “Fargo” and “Mighty Ducks: Game Changers” have brought millions of dollars in revenue to the state. With the increased tax credit, more filmmakers may choose to film in Minnesota, creating new opportunities for film financing companies.

The bill has been met with enthusiasm from Minnesota’s film community, who believe that the increased tax credit will attract more filmmakers and create more jobs for those in the industry. However, some lawmakers are concerned about the cost of the increased credit, which could be up to $30 million per year.

Despite the potential cost, the benefits of the increased tax credit for film financing companies are clear. Minnesota could become a more attractive location for filmmakers, leading to increased demand for financing and investment opportunities in the industry.

In conclusion, the proposed increase in Minnesota’s film production tax credit is a positive development for film financing companies. By attracting more filmmakers to the state, Minnesota’s film industry has the potential to create new opportunities for those looking to invest in the industry.