DE HB490

Creates a Delaware Film Incentive Program with a 7-member Film Board appointed by the Governor to review loan guarantee applications for qualifying film projects and advise on film industry economic development opportunities.

Establishes a $15 million state pledge backed by designated state property as collateral to guarantee loans to feature film projects, with individual loan guarantees capped at $5 million or 30% of a project's total budget.

Requires approved film projects to form a Delaware LLC or corporation, maintain 80% of production in Delaware, employ Delaware residents on W-2 forms, and have at least one Delaware resident listed as a producer.

Sets loan terms at 3-5 years with required interest reserves, first-position lien on all film assets, and approval requiring affirmative vote of at least 5 of 7 board members with public hearings before approval.

Creates Delaware Film Finance Guarantee Fund to hold revenue from the program and collateralize future loan guarantees, with the Director of Economic Development Authority reporting annually to the General Assembly on program performance.