Memphis Business Journal, by Michael Sheffield
May 9, 2012

The Tennessee Film Entertainment and Music Commission is anticipating an extra $2 million for the state’s film incentive program thanks to changes in the film funding grant formula.
The changes were made to foster a friendlier environment for local film productions. They include an incentive for projects with budgets over $200,000 that will allow filmmakers to receive grants for up to 25 percent of the money the productions spend in Tennessee.
A previous grant system awarded grants of 17 percent and tax credits of 15 percent to projects with budgets of $1 million or more.
The changes also streamline the process of incentives for film projects, making the TFEMC a “one-stop shop” for those incentives, Mark Norris, R-Collierville, said in a statement. Norris sponsored the repeal of the original refundable tax credit.
“We recognize the importance of the film industry not only to the economy of the state but to the welfare of countless Tennesseans whose livelihoods depend on it,” Norris said.
The TFEMC is part of the Tennessee Department of Economic and Community Development   , which works to attract new corporate investment in Tennessee and works with Tennessee companies to facilitate expansion and growth.

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