Ohio has become a major player in the movie industry in recent years, being the home of high-profile films such as “Captain America,” “Ant Man,” “The Avengers” and “The Ides of March.” I think I speak for most Ohioans when I say that this has been a great source of pride for our state.
Strengthening Ohio’s film industry has been an important focus for the state legislature over the course of the past five years. In 2012, the state reauthorized funding for the Ohio Motion Picture Tax Credit, which provides an incentive for movie companies to bring their productions to our state.
That incentive has been a boon to our economy. According to a report that was recently conducted at Cleveland State University, since 2011 the Motion Picture Tax Credit has helped create the equivalent of more than 1,700 full-time jobs and generated an economic impact greater than $400 million.
I was proud to support reauthorizing the tax credit back in 2012 and I commend the legislators who were so active in ensuring its passage, such as Cleveland-area Rep. Mike Dovilla. What is so important to consider about policies like the film tax credit is what it provides to Ohio in terms of return on investment. When it comes to prioritizing taxpayer money, we must always be aware of how it will impact the state in the long term. The Cleveland State University study also revealed that for every dollar the state spent on this incentive, it got $2.01 in return.
That return on investment not only affects people who are directly employed by the movie industry. It also makes a difference for local business owners who benefit from having an influx of people to shop at their businesses.
As I have the opportunity to travel around the state, I can see that businesses are growing and our economy improving. I think it is exciting that Ohio is becoming increasingly known as a home for producing major motion pictures that people enjoy around the country and the world.
Cliff Rosenberger is the Ohio House Speaker.