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Gov. John Kasich signs revised Ohio Motion Picture Tax Credit, raising annual cap to $40 million

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Posted at 1:23 PM, Jun 29, 2016
and last updated 2016-06-29 13:23:33-04

Ohio Governor John Kasich has signed into law a revised Ohio Motion Picture Tax Credit which raises the annual incentive cap to $40 million, the Greater Cleveland Film Commission announced Wednesday.

The revised law removes the $5 million per project cap and changes the incentive rate to a flat 30 percent on all production dollars spent in Ohio.

"The changes to Ohio's incentive will help us bring thousands more jobs, and hundreds of millions of dollars to the state, and is one more step toward making us more competitive with other states that are leaders in media production like Georgia and Louisiana," said GCFC President Ivan Schwarz.

On June 10, 'Fast 8' filming wrapped up in Cleveland. That project created an estimated 380 direct jobs for Ohioans, booked nearly 9,000 hotel rooms and engaged more than 200 local businesses, according to the GCFC.