Springfield IL- Yesterday, Senator Iris Y. Martinez (D-Chicago) passed Senate Bill 398 which extends the Film Production Services Tax Credit of 2008. The tax credits encourage film production in the state.

"The passage of this legislation will foster an environment friendly to the film industry. For years, film productions have created income and jobs in Illinois, and this bill provides an opportunity for the state to continue to enjoy these benefits," Martinez said.

In 2010, the film industry spent an estimated $155 million in Illinois. By comparison, in 2003 when there was not a film tax credit, the industry only spent $25 million here. The credit is equal to 30% of the money the film company spends on resources in Illinois, such as equipment, rental space, materials, and manpower.

"Television series producers were concerned with the stability of the tax incentives. It’s our duty to encourage film productions to come and stay in Illinois. We also need to continue to introduce initiatives making Illinois a mainstay for businesses," Martinez said.

Senate Bill 398 establishes a 10 year sunset rather then the 5 years established by Senate Bill 4.

The credit could then be subsequently extended in 5 year intervals after the initial 10 years.

Senate Bill 398 will now go before the House for consideration.