HB 3329
Increases the amount of total tax credits allowed for certified film production development contributions made to the Oregon Production Investment Fund.
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Sign in to take actionPublic sentiment
Support
98%
Oppose
2%
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill increases the amount of tax credits available to businesses that contribute to the Oregon Production Investment Fund, which supports film and media production in the state. Specifically, it raises the total credit amount to $28 million per fiscal year, starting July 1, 2025. The state will auction off these tax credits to maximize revenue, and the Oregon Film and Video Office will oversee the process and certify contributions for tax credits.
Key provisions
- Increases the total tax credit amount for certified film production development contributions to $28 million per fiscal year.
- Establishes an auction process for tax credit certifications managed by the Department of Revenue.
- Requires the Oregon Film and Video Office to generate contributions for tax credits each year.
- Allows for carrying forward unused tax credits to subsequent tax years (up to three years).
- Provides for a refund of contributed amounts if a taxpayer cannot use the tax credit.
- Limits tax credits to the taxpayer's tax liability and prohibits carrying them over beyond three years.
- Allows for tax credits to be claimed by non-resident or part-year residents without proration.
- Requires contributions to be added to federal taxable income for Oregon tax purposes.
Who is affected
- Businesses involved in film and media production
- The Oregon Production Investment Fund
- The Department of Revenue
- The Oregon Film and Video Office
Sponsors
Official sponsors from legislative records.
Primary sponsor
Cosponsors
Arguments in favor
Reasons to support this legislation.
Supporters of HB 3329 argue that increasing tax credits for film production will benefit Oregon's economy, create jobs, and stimulate local businesses. They emphasize the positive impact of the industry on rural towns, state-wide economic growth, and community development. Personal experiences shared by industry professionals highlight the importance of incentives in attracting high-budget productions, launching careers, and providing a platform for creative expression. Many that increased funding for film arts will generate revenue through job creation, income streams, and local spending, ultimately contributing to a strong and diverse economy.
Source: Testimony Summaries
Arguments opposed
Reasons to oppose this legislation.
Opponents of increasing funding for Oregon's media associations and film industry tax credits argue that such measures would be inefficient, biased towards established entities, and potentially stifle innovation. They propose cutting funding in half and providing direct support to artists and agencies, aiming to promote creative freedom and reduce fear among creatives. Additionally, critics question the need for a 40% increase in film industry tax credits, citing concerns about competing priorities, potential losses in revenue, and the inefficiency of selling tax credits with discounts. Some also argue that the program should be funded through the general fund instead of relying on tax credit auctions, which they claim result in significant costs to the state without providing substantial benefits to the industry.