In January 2023, Arizona will begin offering tax rebates and film credits to attract film and TV productions to the state. In July 2022 then governor Doug Ducey enacted the Arizona Motion Picture Production Program (AKA House Bill 2156), an annual film and TV tax incentive that will offer film and television productions up to $75 million a year in 2023, $100 million in 2024, and $125 million in 2025 and thereafter. This new bill promises to bring growth to Arizona's local film industry, providing opportunities for actors, models, cinematographers, and production companies. In this blog post, we'll explore the potential benefits of this new legislation and its impact on the film industry and video production economy in Arizona.
First and foremost, the new bill is expected to create jobs and stimulate the local economy. With the tax incentives in place, film and TV productions will be more likely to choose Arizona as a filming location, creating opportunities for local talent to work on these productions. This includes actors, models, cinematographers, and production companies, who can expect to see an increase in demand for their services. For the past decade or so, many larger productions have viewed Arizona as a flyover state when it comes to film and television. Neighboring areas such as Albaquerque, Las Vegas, and Los Angeles have reigned supreme due to the better tax incentives offered in those states. The new bill puts the spotlight back on to Arizona as an attractive place to film.
With more productions choosing to film in Arizona, it will attract more attention from filmmakers and studios, leading to more opportunities for local productions to get picked up by major networks and streaming platforms. This will put Arizona's film industry in the national spotlight, leading to even more growth and opportunities.
The tax incentives also mean that smaller boutique production companies will be able to compete with larger studios on a more level playing field. This means that smaller companies will have more resources to create high-quality productions, which can lead to more recognition and growth for these companies. Additionally, the tax incentives will make it easier for these companies to secure funding for their projects, which can help them to take on larger-scale productions.
The new film tax credit program is not just a win for the film industry, but also for local businesses and the economy at large. When productions film in Arizona, they hire local crew members and support local businesses like restaurants, hotels, and transportation services. This means that the film industry can bring new money into the state, boosting the local economy.
According to a study by the Arizona Film and Digital Media Office, each dollar of tax credit generates $9.64 in direct spending by productions in the state. Furthermore, the same study found that the film industry supports over 16,000 jobs in Arizona and contributes $700 million to the state's economy each year. With the new tax credit program, these numbers are expected to rise significantly.
For example, when HBO's hit series "Westworld" filmed in Arizona, they hired over 2,000 local crew members and spent over $48 million in the state. This created a ripple effect in the local economy, as restaurants, hotels, and other businesses benefited from the influx of people and money.
With the new tax credit program, Arizona is poised to attract even more productions and generate more revenue for local businesses. This could have a significant impact on the state's overall economic growth and help create more job opportunities for Arizonans.
In conclusion, the new bill in Arizona is an exciting development for the local film industry and video production economy. The tax incentives and film credits will create more jobs, stimulate the local economy, and put Arizona on the map as a film-friendly state. The legislation is also expected to support the growth of smaller boutique production companies, leading to even more opportunities for local talent to showcase their skills. Overall, this new legislation promises to have a positive impact on Arizona's film industry for years to come.
WulfenBear Media is a video production company from Phoenix, Arizona that focuses on brand storytelling, concerts and branded documentaries. Our primary focus is to tell stories that inspire through visually stunning imagery, with client satisfaction and success at the core of every project. We've been lucky enough to work with brands large and small, as well as marketing agencies throughout the country. Some of our past and current clients include Getty Images, Airbnb, Frito Lays, UberOne, Valley Metro, and many more. If your business or organization is in need of video production services don't hesitate to shoot us an email!