Delaware House Bill 250 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Republican 14-7)
Status: Introduced on June 22 2009 - 25% progression, died in chamber
Action: 2009-06-30 - Amendment HA 1 - Introduced and Placed With Bill
Text: Latest bill text (Draft #1) [HTML]

The Delaware Film Finance Incentive Program will provide a loan guarantee to film projects which demonstrate exceptional probability of repaying their loan. The qualifications for that standard are based upon New Mexico's extremely successful Film Investment Loan program. The qualifications, in brief, are: 1. That the film project has 70% of its financing already secured and in escrow; 2. That the film project has secured international distribution in major territories; and 3. That the film project has secured insurance for its completion. Applications for the loan guarantee will be approved or denied by the Council for Development Finance and the Chairperson for the Delaware Economic Development Authority. In addition to the qualifications specified above, the film project must agree to shoot 80% of the project in Delaware and hire Delaware companies to produce it, so that the tax revenue generated by the film project's production will go to the State. The loan guarantee provided by this Program will be provided against a new fund, the Delaware Film Finance Guarantee Fund, which will be funded through tax revenue generated by this legislation.

An Act To Amend Title 29 Of The Delaware Code Relating To The Composition Of The General Fund And State Economic Development.

Rep. Edward Bennett [D]	Rep. Donald Blakey [R]	Sen. Colin Bonini [R]	Rep. George Carey [R]
Sen. Dorinda Connor [R]	Sen. Bethany Hall-Long [D]	Sen. Gerald Hocker [R]	Rep. Deborah Hudson [R]
Rep. Helene Keeley [D]	Rep. Thomas Kovach [R]	Sen. Gregory Lavelle [R]	Rep. Clifford Lee [R]
Rep. Nick Manolakos [R]	Sen. Harris McDowell [D]	Rep. Joseph Miro [R]	Rep. Michael Ramone [R]
Rep. Bryon Short [D]	Sen. Liane Sorenson [R]	Rep. D.E. Williams [D]	Rep. D.P. Williams [D]
Sen. David Wilson [R]

Date	Chamber	Action
2009-06-30		Amendment HA 1 - Introduced and Placed With Bill
2009-06-24		Reported Out of Committee (ECONOMIC DEVELOPMENT/BANKING/INSURANCE/COMMERCE) in House with 8 Favorable
2009-06-22		Introduced and Assigned to Economic Development/Banking/Insurance/Commerce Committee in House

Type	Source
Summary	http://legis.delaware.gov/LIS/lis145.nsf/2bede841c6272c888025698400433a04/259d032c7c695e13852575d100706cd9?OpenDocument
Text	http://legis.delaware.gov/LIS/lis145.nsf/vwLegislation/HB+250/$file/legis.html?open