According to a report from The Columbus Dispatch, WWE received a $1,675,986 tax break from the state of Ohio in 2024.
In total, artists shooting their movies and television shows in Ohio got $44 million from the state. WWE is listed as under TV series.
The article states, “TV Series receiving tax breaks from Ohio in 2024
Here are TV shows being funded with tax credits in Ohio this year:
An Interesting Life Season 2, Southwest Ohio, $432,300
WWE 2024, Ohio, $1,675,986
Nightmare Transmission Season 2, Ashland/Columbus, $265,247.40
Heartland Horror Chronicles Season 1, Crestline, $129,444
Christmas on Main, Ashland, $148,842
Kings of Vegas, Cleveland, $105,878.25
Awarded projects total nearly $503 million in production expenses, $146.7 million in total eligible production expenses and are expected to create 530 full-time jobs, according to the Ohio Department of Development. Development received 27 applications for the Fiscal Year 2024 January round, requesting nearly $60 million in tax credits.”
WWE Receives $1.7 Million Tax Break from Ohio in 2024
In a recent report from The Columbus Dispatch, it has been revealed that World Wrestling Entertainment (WWE) received a substantial tax break of $1,675,986 from the state of Ohio in 2024. This tax break was part of a larger initiative by the state to support the film and television industry, with a total of $44 million being allocated to artists shooting their movies and TV shows in Ohio.
The article highlights that WWE is listed under the TV series category for receiving this tax break. It is interesting to note that WWE, which is primarily known for its professional wrestling events, is also involved in producing television content.
The report provides a list of TV shows that are being funded with tax credits in Ohio for the year 2024. Alongside WWE 2024, other TV series include “An Interesting Life Season 2” in Southwest Ohio, “Nightmare Transmission Season 2” in Ashland/Columbus, “Heartland Horror Chronicles Season 1” in Crestline, “Christmas on Main” in Ashland, and “Kings of Vegas” in Cleveland. These projects have collectively been awarded nearly $503 million in production expenses and are expected to create 530 full-time jobs.
The tax credits provided by the state of Ohio are aimed at attracting more film and television productions to the state. By offering financial incentives, Ohio hopes to stimulate economic growth and job creation within the entertainment industry. The Ohio Department of Development received 27 applications for the Fiscal Year 2024 January round, with a total request of nearly $60 million in tax credits.
This move by Ohio to support the film and television industry is not uncommon. Many states in the United States offer tax incentives to attract productions, as it can bring significant economic benefits. By providing tax breaks, states can encourage filmmakers and TV producers to choose their locations for shooting, which in turn boosts local economies through increased spending on accommodations, catering, transportation, and other services.
For WWE, this tax break from Ohio will likely contribute to the financial success of their TV series. It provides them with an opportunity to invest more in production quality and talent, ultimately enhancing the viewer experience. Additionally, the tax break may also incentivize WWE to continue choosing Ohio as a shooting location for future projects.
Overall, the tax break received by WWE from the state of Ohio highlights the importance of the film and television industry in driving economic growth and job creation. It demonstrates Ohio’s commitment to attracting and supporting productions, ultimately benefiting both the entertainment industry and the local economy.