Mass. eyes tax incentives for film industry

Beacon Hill's top leaders are preparing to announce an agreement on new tax incentives for the film industry, hoping to draw films with higher production budgets to Massachusetts, according to several sources.

The compromise legislation, which builds on a 2005 law, would lift the $7 million cap on tax credits, extend the life of the incentives by five years, establish a standard credit rate of 25 percent on production costs, and lower a required spending threshold to $50,000, legislative sources said.

Also included in the bill is language qualifying digital media productions for the incentive program.

A press conference is scheduled for 11 a.m. today at the State House's Grand Staircase.

Nick Paleologos, executive director of the Massachusetts Film Office, said, "Clearly, the most important from our perspective is lift the cap, 25 percent across the board, and lower the threshold. . . . If that's it, that would be great."

Paleologos said Governor Deval Patrick's office had coordinated the effort, which House Speaker Salvatore F . DiMasi endorsed earlier this year.

Paleologos said he planned to bring along a film crew to document the press conference, then post it on the film office's website.