Texas Proposes Filmmaker Tax Breaks Inspired by “Yellowstone” Success
The state of Texas is making a push to introduce new tax incentives for filmmakers, partly fueled by the triumph of Taylor Sheridan’s “Yellowstone” series.
The Western drama, featuring Kevin Costner, was filmed in Venus, Texas, providing a significant economic boost to the local community. However, Texas often loses out on film productions to neighboring states due to more enticing tax benefits offered elsewhere.
In 2022, New Mexico, Louisiana, and Oklahoma collectively received $1.5 billion in spending from the entertainment industry, with much of it directed towards projects set in Texas. These states offer generous tax credits, making them more appealing to producers.
For instance, New Mexico provides refundable tax credits ranging from 25 to 35 percent on in-state spending, up to $110 million. In contrast, Texas is aiming to implement a new bill offering tax credits of 30 to 42.5 percent on in-state spending, with no cap, if passed by the state legislature.
Texas Lieutenant Governor Dan Patrick expressed his desire for Taylor Sheridan to relocate his TV and movie production to Texas, signaling optimism about the state’s potential in the entertainment industry.
Amidst discussions about the future of “Yellowstone” and rumors regarding Kevin Costner’s departure due to alleged disagreements with Sheridan over shooting schedules, the actor’s attorney vehemently denied such claims. Reports of Costner being willing to work for only one week on the second half of season five were dismissed as untrue.
Speculations have arisen about a potential “franchise extension” for “Yellowstone,” with reports suggesting Matthew McConaughey as a contender should Costner exit the series.
