Show Mo Act & Business Opportunities with Film
It’s not a given that Governor Parsons will sign the bill into law, but the opportunity once again to try using film tax credit incentives to recruit production to this state seems like a great opportunity. Afterall, how much more authentic would the Netflix Series Ozark had been if it had been filmed and created jobs right here in Missouri!
Before adjourning its 2023 general session the Missouri Legislature wrapped up with several pieces of legislation including the adoption of Senate Bill 94 which includes the “Show MO Act”. While the bill is still awaiting Governor Parsons signature, if approved it could mean new opportunities for our state.
The “Show MO Act” reauthorizes a tax credit for certain expenses related to the production of qualified motion media production projects in this state. Tax credits for such expenses under previous law expired almost 10 years ago on November 28, 2013.
The base level tax credit would offer up to 20% value on qualifying expense for eligible film projects done in Missouri but could go as high as roughly 42% in credit value if certain criteria are met, making it one of the most competitive programs in the country.
According to data from the Motion Picture Association (MPA), film production in Missouri is directly responsible for more than 1,620 jobs, and that’s with “No significant tax incentive for production” currently in place.
States like Georgia, Louisiana and of course California leads the way nationally with incentives for the film industry, but also reap the greatest rewards when it comes to investment, generating several Billion dollars per year in business activity.