The Insider:
Film Tax Credit Attracting Hollywood to Pennsylvania
Filmmaker M. Night Shyamalan first put Pennsylvania on Hollywood's radar screen with his 1997 blockbuster "The Sixth Sense." In recent months, a $75 million tax credit Pennsylvania passed last summer has attracted even more Hollywood big wigs to the area.
Act 55 of 2007, Creativity in Focus: the new Film Production Tax Credit Initiative provides a 25% Film Production Tax Credit for film production expenses incurred in the Commonwealth of Pennsylvania, the Philadelphia Film Office reports. First available in the summer of 2007, feature films, TV shows and series and commercials intended for national audiences are eligible for this tax break. In order to qualify for the tax credit, 60 percent of the total production expenses must be incurred in Pennsylvania. No more than $75 million per year can be awarded.
The Pennsylvania Film Production Tax Credit Program allows the Philadelphia Region to be "competitive in the film industry," says Nicole Shiner, Director of Operations & Government Affairs at the Philadelphia Film Office. "It keeps us at the top of the heap and we can compete with the best." » Read More | 
Innovation Spotlight:
Investing in Philadelphia's Future Entrepreneurs
Innovation Philadelphia spotlights regional creative
industry entrepreneurs and young professionals making an impact on
the Philadelphia Region, or innovative initiatives that showcase the
tremendous innovative and creative talent driving Philadelphia's
economy.
July's spotlight is local entrepreneur Steven Welch. In January 2001 Steven founded Mitos Technologies, Inc. (the first Mitos company), where he engineered and patented the Mitos FREE FLOW® valve - the premier valve for biopharmaceutical manufacturing. In July 2007, Steven sold the Mitos group of companies that he had started building six years earlier to Parker Hannifin (NYSE: PH) - an S&P 500 company.
Since selling Mitos, Steven has co-founded (along with David Bookspan and Michael Levinson) a revolutionary pre-seed venture fund; DreamIt Ventures. In late May 2008, DreamIt Ventures was awarded $100,000 from Innovation Philadelphia's Creative Economy Investment Fund.
Photo (left to right): David Bookspan, Michael Levinson and Steven Welch.
» Read More |
PA Film Tax Credit Program Generates $20 Million New Tax Revenue
The Pennsylvania Film Production Tax Credit Program has resulted in more than $300 million in direct economic activity in Pennsylvania, which has created an estimated 4,355 jobs and generated nearly $20 million of new tax revenue, the PA Department of Community and Economic Development reports.
» Read the full report |
Young Professionals and Arts, Culture and Civic Organizations Unite
On Wednesday, June 18, Innovation Philadelphia hosted Young Professional Showcase with Center City District at Finn McCool's. Over 110 young professionals attended to meet representatives from arts, culture and civic organizations.
This unique opportunity allowed young professionals to learn how to get involved in young professional chapters of regional organizations.
» Learn More
Join Innovation Philadelphia for the next Young Professionals Showcase featuring professional development organizations, on July 16 at Davio's (111 S. 17th Street) from 5 to 7 p.m.
» Register Online
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