|FOR IMMEDIATE RELEASE
January 18 2017
|Contact: Axel Davila
DPT Productions Applauds New Oklahoma Tax Relief Bill
Latest law grants a 75 percent rebate on taxes; attracts new business; set to create more jobs
OKLAHOMA CITY, OKLAHOMA – Today, DPT Productions, an Oklahoma-based company dedicated to video and film production services, applauds the signing of the House Bill 716 by Governor Oglethorpe.
The new law will grant a 75 percent tax rebate for production companies that come to Oklahoma to film video or record music. This no-cost state measure is expected to attract new business and create more job positions for citizens.
“This initiative will change the Oklahoma production industry,” said David Turnipseed, CEO of DPT Productions. “House Bill 716 will promote the kind of work companies like us do and we are confident that this will allow the sector to grow.”
Measures like this one are not new in the country, 34 out of the 50 states inside the U.S. have similar initiatives. States such as Arkansas, Colorado, and Minnesota offer the same tax rebate benefits to production companies, but the tax reduction percentage in Oklahoma will be higher. Tax credits and grants are also other measures implemented by states to capture potential companies dedicated to the music, TV, and film business.
In the past, movie producers such as Marvel Animations have decided to move projects like Ant-Man to other states and even outside the country to get the most out of their budget. Last November, the HBO football comedy Ballers decided to relocate from Florida to California to benefit from the TV tax incentive program of the latter.
Rep. Debbie Doloop (Oklahoma City) and Rep. Susan Wollop (Chickasha) were the coauthors of the law.