Texas is mulling whether to throw a bigger hat into the film and TV tax incentive ring.
A bill introduced in the state legislature proposes to supplement Texas’ existing grant program with a new, uncapped scheme targeted at big-budget projects of at least $15 million. Eligible productions would get a 30 percent base transferable tax credit that could reach as high as 42.5 percent, depending on the type of project and if it shoots in economically distressed areas. Notably, compensation for talent will qualify for incentives.
The legislation introduced Tuesday is being considered as Texas’ neighboring states continue to see major money from Hollywood due to generous tax credit programs. In 2022, film and TV productions pumped more than $1.5 billion into the economies of New Mexico, Louisiana and Oklahoma. New Mexico alone saw a record $855 million. See more at THR.