Bill > H1419

This bill establishes the Qualified Television Loan Fund (QTV Fund) within Florida's Department of Economic Opportunity (DEO) to provide loans for television production, aiming to encourage the state as a filming location and support the local industry. The fund will be privately managed by a "fund administrator," a private sector organization selected through a competitive bidding process, which will oversee loan disbursements and manage the fund's investments. The QTV Fund is designed as an "evergreen fund," meaning that as loans are repaid, the principal and interest are reinvested to fund future productions, with $20 million initially allocated from the Economic Development Trust Fund. To qualify for loans, television content must meet specific criteria, including being intended for broadcast by a "major broadcaster" (like TV networks or streaming platforms), with at least 80% of the production budget spent in Florida, and having a distribution contract in place. The fund administrator will be compensated through management fees and a share of the net income, with strict reporting requirements to the DEO and an operational audit by the Auditor General. The program is set to expire on December 31, 2024, with any remaining funds reverting to the General Revenue Fund.