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Readers may recall Assistant Editor Kyle Massey’s story in February about the lack of state-guaranteed funding of a film rebate, a lack that has hamstrung Arkansas’ film industry. Producers and film studio leaders based in the state called for a long-term commitment to incentives to bolster the industry.
Well, last month a state-commissioned study was released finding that Arkansas’ film industry incentive structure was, indeed, ineffective and recommending its redesign. This matters because the production of movies in Arkansas is a question of economic development. The report found that the state’s film industry has had an economic impact of $54.3 million during the past 12 fiscal years. “Despite clear challenges, there is an opportunity for Arkansas to stimulate a more stable screen production sector — delivering more economic value and providing increased and more regular employment for Arkansans,” the report said.
Even under the state’s uncertain incentives, the program has returned $3.62 in economic value for every dollar invested, the report found.
“It’s given us a lot to consider in the near future, hopefully in the form of legislation,” said state Sen. Jonathan Dismang, R-Searcy. We agree and hope the Legislature will consider creating a more effective incentive program.
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