THE SENATE COCHAIR of the Legislature’s Revenue Committee said on Wednesday that he is still working on legislation that would reduce the cost of the state’s film tax credit.

“It’s a work in progress,” said Sen. Michael Rodrigues of Westport, who has been working on the legislation for months. “There’s a lot of moving pieces.”

Rodrigues made his comments following a State House event where Gov. Charlie Baker signed into law a 50 percent increase in the state’s earned income tax credit. Baker said he considered the 50 percent increase half of what he wants to accomplish with the credit. He said he’d like to see another increase in the credit, which helps some 400,000 working families, in the “not too distant future.”

Baker originally proposed an increase in the earned income tax credit when he unveiled his budget for fiscal 2016 and suggested paying for it by eliminating the film tax credit. House leaders balked at that proposal and settled on an alternative funding mechanism in negotiations with the Senate.

Rodrigues said he made a promise to his colleagues in the Senate that he would come up with legislation that would curb the cost of the film tax credit without destroying the industry. “It’s substantively and politically complicated. But stay tuned,” Rodrigues said.