HB 1391 Summary

• Creates a $20 million Qualified Television Loan Fund administered by a privately-managed fund administrator under contract with the Department of Economic Opportunity to provide short-term loans for television production in Florida.

• Fund administrator receives 5 percent annual management fee on loans under management for first 5 years, then 3 percent thereafter, plus 20 percent of net income; must be headquartered in Florida and demonstrate track record managing entertainment/media funds.

• Qualified lending partners must provide senior debt with minimum 2.5 times leverage of the QTV Fund; QTV Fund loans may be subordinated to senior debt but cannot exceed 30 percent of total production funding costs.

• Qualified television content must be series, mini-series, or made-for-TV productions with distribution contracts from major broadcasters, produced in Florida (or 80 percent of budget spent in-state), and meeting criteria including foreign sales agent retention and completion bonding for projects exceeding $1 million per episode.

• Program expires December 31, 2024, with remaining funds reverting to General Revenue Fund; Auditor General must conduct operational audit of fund and administrator's compliance and internal controls.