Oklahoma is hoping to boost its film industry with new legislation that seeks to increase the annual cap for film production incentives from $30 million to $80 million.
The bill, known as House Bill 1362, aims to provide more money for filmmakers who want to shoot in Oklahoma, whether it’s in rural areas or on soundstages.
The bill also sets up a rebate cap of 30% for qualified production expenses, down from the previous cap of 38%.
However, the legislation also targets smaller productions with a lower budget, offering an additional $5 million off the top for productions under $1 million.
Despite the lower rebate cap, officials are confident that Oklahoma will remain competitive with other states that offer similar incentives, such as North Carolina, Massachusetts, Louisiana, and New Mexico, which range between $100 to $150 million.
The hope is that the increased incentive will allow for over $500 million in direct spend in the state, making Oklahoma an attractive location for filmmakers looking to produce their next project.
