Posted 3 May, 2008 in OK News
Dear film and music industry member,
As we approach the last stretch of our 2008 Oklahoma legislative session, I am providing you with an update on the status of this year’s initiatives designed to bolster our Oklahoma industries. So far, two of our initiatives have passed and two are still under consideration.
As detailed below, HCR 1047, the resolution which provides for the designation of a state rock & roll song in conjunction with the 2009 launch of the Oklahoma History Center ’s exhibit, Another Hot Oklahoma Night, was passed unanimously by the Senate on April 22 and is now adopted. In the first week of its launch, the rock song website, www.oklahomarocksong.org, has received approximately 4500 unique visitors and over 900 nominations of a total of 192 songs. Visitors have logged on from all fifty states in the U.S. and from as far away as the UK , Australia , Norway and Thailand . For more information or to vote, you can also go to our website at www.oklahomafilm.org.
We are also very pleased to announce that Senate Bill 3198, which provides for the creation of a task force to study approaches to creating a statewide Creative Artists Guild, was also recently signed into law by Governor Henry.
House Bill 2583, which contains revisionary language for the Oklahoma Film Enhancement Rebate Program and the Tourism Development Act, and Senate Bill 2129 which contains revisionary language for the Qualified Venture Capital Company Tax Credit, are both going back to conference committee and are awaiting committee assignment. Our industries may still have work to do in order to get these bills passed. Once I know to which committees the two remaining bills have been assigned, I will notify you so that you may weigh in with your legislator.
BILLS STILL IN PLAY
HB 2583 –- Representative Terry Hyman and Senator Randy Bass
Revises Oklahoma Film Enhancement Rebate Program and Oklahoma Tourism Development Act
· As a means of incentivizing the use of Oklahoma musicians, music and music facilities for the film industry, include an additional 2% rebate if the production company spends at least $20,000 for music created by Oklahoma residents or for recording music in Oklahoma .
· Refine Loanout/LLC Language based on Oklahoma Tax Commission input.
· Expand the distribution requirements to include a provision for the inclusion of nationally recognized network or cable television pilots
· In an effort to keep up with industry trends, expand definitions to include not only “film and music production facilities”, but also “digital media” facilities.
· Lower the minimum expenditure threshold for participation from $500,000 to $100,000 for music production and post production facilities and $350, 000 for film production, post production, visual effects and digital media facilities to encourage development of facilities in Oklahoma at more practical thresholds, particularly for music.
Passed the Senate Floor 32-16 on April 15; On April 22, the bill was sent back to conference committee since it now has a $50,000 impact. Currently awaiting committee assignment.
SB 2129 –– Sen. Mazzei, Reps. Peterson and Brown - Revises Qualified Venture Capital Company Tax Credit, the Small Business Capital Formation Incentive Act and the Rural Venture Capital Formation Incentive Act.
As a follow-up to 2006 legislative amendments that closed loopholes to ensure the tax credits were providing the desired stimulus to the Oklahoma economy, this legislation seeks to close remaining loopholes by ensuring that the tax credits are calculated on amounts invested by the investor plus borrowed amounts for which they are personally liable for repayment. It also modifies several definitions including allowing for the possibility of more qualifying expenditures such as payroll.
Passed the House Floor 85-5 on April 24. As of April 30, several amendments have been added resulting in a fiscal impact being attached to the bill. It has been sent back to conference committee where it is currently awaiting committee assignment.
BILLS/RESOLUTIONS PASSED
HCR 1047 - Representative Joe Dorman - Oklahoma Rock & Roll Song Resolution -
Provides for the designation of a state rock & roll song in conjunction with the 2009 launch of the Oklahoma History Center ’s exhibit, Another Hot Oklahoma Night. From March 1 to August 1, 2008, the Oklahoma Historical Society will host a website located at the address www.oklahomarocksong.org, as well as have polling locations at special events and at the Oklahoma History Center, allowing the public to nominate an official Rock and Roll Song. In August 2008, the nominations will be pared to ten appropriate songs by a panel of experts. This panel will consist of an appointee by the Governor, an appointee by the Speaker of the House, and an appointee by the President Pro Tempore of the Senate, two appointees by the Office of the Oklahoma Film and Music Commission, and two appointees by the Oklahoma Historical Society. From September 1 to November 15, 2008, the public will be allowed to vote on the official Oklahoma Rock and Roll Song to be presented to the First Session of the Fifty-second Oklahoma Legislature in 2009.
Adopted unanimously on the Senate Floor on April 22. Process complete.
SB 3198 – Rep. Lee Denney - Creation of Task Force on Creative Artists Guild
This would be a new law creating aTax Force on Creative Artists Guilds to study approaches to organizing, establishing, and supporting creative artist guilds in Oklahoma in order to provide a cooperative structure for artists to advance visual and performing arts through education, exhibitions, and workshops.
Passed the Senate Floor 36-10 on April 14; Signed into law by Governor Henry on April 18.
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