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2023 SESSION
SB 520 Income tax, state; motion picture production tax credit.
Introduced by: L. Louise Lucas | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Income tax; motion picture production tax credit. Removes the sunset for the motion picture production tax credit, which currently is set to expire after taxable year 2026. The bill increases the aggregate limit on credits from $6.5 million to $15 million starting with fiscal year 2021 and also provides that credits allocated for episodic content, gaming, virtual reality, and augmented reality productions shall not count against the aggregate limit. The bill provides that if the amount of credits actually claimed is less than the aggregate limit for that year, the unclaimed remainder shall be added to the limit for the next year. The bill authorizes credits to be issued for multiyear periods. Under current law, if production continues for more than one year, the taxpayer must file a separate application for each year.
FULL TEXT
HISTORY
- 01/12/22 Senate: Prefiled and ordered printed; offered 01/12/22 22102572D
- 01/12/22 Senate: Referred to Committee on Finance and Appropriations
- 02/08/22 Senate: Continued to 2023 in Finance and Appropriations (14-Y 1-N)
- 11/21/22 Senate: Left in Finance and Appropriations