CLEVELAND — The Ohio Motion Picture Tax Credit has officially been saved after Governor Mike DeWine approved the 2020 bi-annual state budget Thursday.
The approved budget included the $40 million Ohio Motion Picture Tax Credit. The credit still stands at its original amount, falling short of the eventual $100 million goal of the Greater Cleveland Film Commission.
In addition to film, the credit now also covers theatrical productions.
“We now have an opportunity to make Ohio a global destination for film and theater,” said Ivan Schwarz, president of GCFC. “We look forward to collaborating with the Governor and legislature on expanding the tax incentive even further so that we can build a sustainable and permanent industry here in Ohio.”
Schwartz said the GCFC is important for Ohio’s economy and that saving the credit will only help its growth.
“This program already has created 5,000 full-time equivalent jobs in Ohio and generated nearly $700 million in economic impact, with those numbers poised only to increase. The preservation of the credit sets the stage for significant economic growth in Ohio,” Schwarz said.