On July 1, 2019, the Montana Economic Development Industry Advancement (MEDIA) Act went into effect. It offers a 20% income tax credit on production expenditures in the state with additional amounts that can increase the credit up to 35% of the production company’s base investment in the tax year. This highly successful Act has led to over $100 million in direct spending and an estimated $25 million in incremental state tax revenue since its enactment. HB 340 would expand the scope of the MEDIA Act through increasing the potential annual transferrable production tax incentive to $250 million, while also providing significant incentives for employment of Montana residents.
Letter of Support for HB 340 in Montana
JOB CREATION & EXPANSION OF THE STATE’S MEDIA PRODUCTION INDUSTRY
RE: Support HB 340 and the Creation of a Robust Media Production Industry in MT
Dear Senator _____________:
On April 8, 2021, HB 340 was passed and transmitted to the Senate by the House of Representatives. As a registered voter and <INSERT POSITION/TITLE> of <INSERT ORGANIZATION NAME>, I am asking you to support HB 340, bringing high-paying jobs and a vibrant new industry to the state.
This bill would expand the scope of the highly successful MEDIA Act, which has already led to over $100 million in direct spending and an estimated $25 million in incremental state tax revenue since its enactment in 2019. HB 340 increases the potential annual transferable production tax incentive to $250 million, while providing significant incentives for employment of resident Montanans.
Rather than a handout – the state never writes a check - this incentive will become among the leading revenue sources for the state. To achieve full utilization of a $250 million tax cap, production expenditures within the state would need to reach $1 billion annually. The vast majority of this goes directly into the Montana economy through wages for resident labor/crew, lodging, local retail/restaurant purchases, equipment rentals, gasoline, and real estate leases.
At its heart, the HB 340 amendment is a jobs bill. that will cultivate a sustainable, high-growth media & film production industry in the state and will not only attract significant private infrastructure investment and direct spending to the state, but also incentivize the creation of new jobs for Montanans with average salaries well over $50,000 a year.
House Bill 340 will:
A vote for HB 340 is a vote for job creation, a vote for a higher statewide median income, a vote for Montana’s small businesses and a vote for a more vibrant economic future for the state.
Thank you for your time, your service, and your consideration of this opportunity on behalf of all Montanans.
(your legal name)
(any organizational affiliations you wish to include)