On Friday, the Arkansas Legislative Council approved $5 million in funding for film production rebates in Arkansas. The Arkansas Economic Development Commission, a division of the Arkansas Department of Commerce, will be in charge of approving the funds for distribution to individual productions.
State Sen. Jonathan Dismang (R-Beebe), who championed the additional funding for the rebates, sees it as a temporary solution until a more sustainable funding source for film incentives can be agreed upon during the next legislative session, according to a press release from the Arkansas Cinema Society and the Fort Smith International Film Festival.
“Filmmaking is a fast growing part of our economy in Arkansas and it’s something we need to support so we can remain competitive with our neighbors like Oklahoma,” Dismang said in the release. “These jobs are bringing in tax revenue that exceeds their investment cost to the state. Myself and my colleagues are doing what we can in the legislature to raise this issue and continue support of the industry.”
In addition to jobs, film projects can create a considerable spike in local spending. An October report by the Arkansas Economic Development Institute found that for every $1 million dollars invested in film rebates, there was a $4 million dollar return to the state’s economy.
The funds approved on Friday will be available through June 30, 2024, the end of the state fiscal year.
