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2014 SESSION

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HB 460 Income tax; motion picture production credit.

Introduced by: Terry G. Kilgore | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Income tax; motion picture production credit. Changes the motion picture production income tax credit by (i) increasing the total cap for all such credits from $5 million per biennium to $6.5 million each fiscal year and (ii) having the credit expire on December 31, 2018. The bill also requires the Department of Taxation to publish information regarding the credit even if such information is not classified so as to prevent the identification of the taxpayer claiming the credit.

SUMMARY AS PASSED HOUSE:

Income tax; motion picture production credit. Changes the motion picture production income tax credit by (i) increasing the total biennium cap for all such credits from $5 million to $25 million ($12.5 million annually), and (iii) having the credit expire on December 31, 2018. The bill also requires the Department to publish information regarding the credit regardless if it does not prevent the identification of the taxpayer claiming the credit.

SUMMARY AS INTRODUCED:

Income tax; motion picture production credit. Changes the motion picture production income tax credit by (i) increasing the percentage of qualifying expenses eligible to be claimed from 15 percent to 20 percent, and from 20 percent to 25 percent for productions in an economically distressed areas, (ii) increasing the total biennium cap for all such credits from $5 million to $25 million, and (iii) having the credit expire on December 31, 2023. The bill also requires the Department to publish information regarding the credit regardless if it does not prevent the identification of the taxpayer claiming the credit. The bill is effective for taxable years beginning on or after January 1, 2014.