HB 61 Summary

• Creates the qualified television revolving loan fund administered by a privately-managed fund administrator contracted by the Department of Economic Opportunity to provide loans for television production in Florida.

• Establishes loan structure requiring minimum 2.5 times leverage from qualified lending partners, loans not exceeding 36 months, and subordination to senior debt with maximum 30 percent of total production funding cost.

• Specifies qualified television content criteria including broadcast by major networks, minimum 80 percent in-state production spending, series with at least 7 episodes per season at $1 million per episode minimum, and producer contracts covering at least 60 percent of budget.

• Requires fund administrator to submit annual financial statements audited by independent certified public accountant and program reports including job creation, loan amounts, repayment status, and loan defaults.

• Expires December 31, 2026, with remaining funds reverting to General Revenue Fund; includes emergency rulemaking authority expiring October 1, 2017.