Film industry financial incentives program.

11LSO-0130.C1

FISCAL NOTE

This bill creates the film industry financial incentive program account. Funds shall be credited to the account as provided by law. Funds in the account are continuously appropriated to the Tourism Board to be used only for reimbursement of a production’s qualified expenditures authorized to be made under the film industry financial incentive program.

The film industry financial incentives program was created during the 2007 legislative session (2007 session laws, ch. 73) and was funded in this initial legislation with an appropriation of $1,000,000 from the General Fund. This initial legislation also stated that any money not expended by June 30, 2008 shall not revert to the General Fund. As of December 6, 2010, there is an unobligated, unexpended balance of $345,771 from these funds.

This program was funded in the 2009-10 biennium with a standard budget of $1,000,000 (General Fund). All of these funds were reverted in FY 2010 as part of the Governor’s FY 2010 budget reduction.

This program is funded in the 2011-12 biennium with a standard budget of $900,000 (General Fund). As of December 6, 2010, the entire $900,000 is unexpended and unobligated.  

This bill also repeals W.S. 9-12-407, which is the sunset provision for the film industry financial incentives program. W.S. 9-12-407 currently states that the film industry financial incentive program will end effective June 30, 2011. The repeal of W.S. 9-12-407 makes this program permanent.

Prepared by:   Dean Temte, LSO  Phone: 777-7881

(Information provided by Diane Joyce, WBC; 777-2848)