Bill > H1391

This bill establishes the Qualified Television Loan Fund (QTV Fund) to encourage television production in the state by providing loans to production companies. The fund will be managed by a private sector organization, the "fund administrator," which will be selected through a competitive bidding process and must demonstrate experience in managing entertainment industry funds and secure a "qualified lending partner" (a financial institution with significant experience in media financing) to provide senior loans. The QTV Fund itself is an "evergreen fund," meaning that as loans are repaid, the money can be re-lent to new projects, and it will be seeded with $20 million from the Economic Development Trust Fund. To qualify for a loan, television content must be produced by a "qualified production company" and have a distribution contract with a "major broadcaster" (like a TV network or streaming service), with specific criteria regarding production location, episode orders, and financial backing. The Auditor General will conduct an operational audit of the fund and its administrator, and the Department of Economic Opportunity (DEO) is authorized to adopt rules to implement the program, which is set to expire on December 31, 2024.