Business
$174-mm Arkansas Surplus Sparks Interest in New Media Incentives
$174-mm Arkansas Surplus Sparks Interest in New Media Incentives.
About this update from Hannover House, Inc.
[{"type":"text","content":"The Arkansas Department of Finance and Administration has announced that the state has generated a surplus of over $174-million for the fiscal year ending June 30, 2019, which has sparked newed enthusiasm for the New Media Incentives Program developed by N.W. Arkansas entertainment executive, Eric Parkinson, C.E.O. of Hannover House, Inc. (OTC: HHSE). \"This is tremendous news,\" said Parkinson, \"and we can attribute much of this surplus to programs and policies enacted by the Legislature and Governor Asa Hutchinson. As state goverment officials work together, hand-in-hand with businesses such as Hannover House, we can now begin to implement the economic and employment programs detailed in the New Media Incentives Program for Arkansas. The timing is especially fortuitous as many of the media companies comprising the $9-bilion dollar film industry currently operating in the State of Georgia are looking to relocate their operations,\" he concluded.The New Media Incentives Program drafted by Parkinson is designed to allocate a majority of state incentives to companies residing in Arkansas, as opposed to rewarding out-of-state media companies to \"hit-and-run.\" The program provides significant rebates for qualifying film and television productions, and includes the broader spectrum of \"new media\" and digital industry jobs, including data management, website and APP creation and data-streaming services, such as the multi-studio, Netflix-like consumer streaming venture of Hannover House known as MyFlix.\"There was unanimous support across both aisles of the Legislature for the New Media Incentives Program during this past session,\" said Parkinson. \"The obstacle to finalizing this program into law was the designation of a funding component that would be reliable and repeatable. Several funding programs were proposed, but none weould have resulted in an immediate funding source for the first year of incentives. The availability of this significant revenue surplus for Arkansas enables us to kick-start this important jobs and economic program for FYE 2020.\"Last year was a record year for film and television production within Arkansas, due primarily to the expenditure of a reported $90-million by HBO on the produciton of season three of \"True Detective.\" While the existing Arkansas film incentive program did...