DE HB250

Creates the Delaware Film Finance Guarantee Fund to provide state-guaranteed loans of up to $5 million or 30% of a feature film project's budget through the Delaware Economic Development Authority.

Establishes eligibility requirements for film projects including: 70% of budget pre-financed and in escrow, distribution contracts in at least two major territories, completion bond insurance, and 80% of filming conducted in Delaware.

Requires film projects to hire Delaware companies for production and post-production, employ at least one Delaware resident producer, and have key personnel file state taxes on film revenue.

Dedicates all tax revenue from NAICS code 5121 (motion picture and video production) businesses to fund the guarantee fund, capped at $5 million per fiscal year with surplus deposited in the General Fund.

Establishes the Council for Development Finance to review applications and the Chairperson of the Delaware Economic Development Authority to approve loans based on compliance with program requirements.