CLEVELAND — It's no secret that Playhouse Square is considered one of the crown jewels of Cleveland.
It's the second largest theater district in the U.S.
The space drives people from near and far, all while boosting the local economy.
Now, state lawmakers and industry leaders are proposing updated legislation that would further incentivize more productions to happen in Northeast Ohio and across the Buckeye state.
Ohio Senate Bill 4 could bring a ripple effect of changes to places like Playhouse Square.
Supporters say it would make Cleveland a mecca for film and theater and open up new opportunities.
SB 4 would modify the film and theater tax credit and authorize a tax credit for capital improvement projects relating to the film and theater industries.
"Honestly, why would you not want to bring in outside investment into your community? That's what this does," Bill Garvey, President of the Greater Cleveland Film Commission said.
Garvey is optimistic and feels Ohio's theater and movie scene could be taken to the next level.
The President of the Greater Cleveland Film Commission says amending Senate Bill 4 is the answer.
Playhouse Square currently is the host to 11 stages and eight resident companies, with a clear major economic impact.
However, officials say many producers have decided to shorten show runs and rehearsals because of the lack of tax credits.
"Honestly, there is so much untapped potential here in the state," Garvey said.
The comprehensive updated bill would leverage more opportunities for film and theatrical work.
It specifically offers an incentive to build new infrastructure to further accommodate both entities.
This would include brick-and-mortar spots for production and even studios.
The incentive is up to $5 million or 25% of the total project's cost.
"We're turning away more business than we're bringing in. So, we're limited by the current $40 million cap annual, $40 million cap," Garvey said.
Other states are reaping the benefits including Louisiana and New Jersey.
Georgia has become a new industry leader. Movies and TV shows are shot there every day.
"Georgia is the Mecca. It's the center of the universe in Hollywood right now because of their taxes. So, they have $4.4 billion annual spending, recreation spending, production coming to that state," Garvey said.
In the meantime, he says Ohio already has a clear, strong, skilled workforce waiting in the wings and ready to get to work.
Cleveland has successfully hosted movie and television productions in the past.
Many of the union laborers here have a skill set that covers both industries and often times their jobs are interchangeable.
The other aspect of amending the bill is expanding the tax incentive so Broadway shows could actually develop in Cleveland and Ohio before a national tour.
This would give Ohio first grabs at runs and showcase the area as an economic driver.
Over the last several months, producers have decided to take their work elsewhere.
"Playhouse Square itself is probably the largest theater district outside of New York City. It attracts a million visitors a year, contributes over $300 million in economic benefit to the state of Ohio. This makes sense," Tony Long, General Counsel and Director of Tax and Economic Development for the Ohio Chamber of Commerce said.
Senate Bill 4 is still in the early stages.
It is currently in the Senate.
No word on when it will be up for discussion.
Stay with News 5. We will continue to track its progress.
