ACT 143, HB423 HD2 SD2 CD1, 7/10/2017

Posted on Jul 13, 2017 in 2017 Acts

RELATING TO FILM AND DIGITAL MEDIA INDUSTRY DEVELOPMENT

Amends the qualifications a production must meet in order to claim the credit. Caps the annual amount of tax credits that may be claimed at $35,000,000. Extends the sunset date to January 1, 2026. Requires DBEDT to submit an annual report to the Legislature regarding the activities and expenditures of the tax credit. Clarifies that no rule shall be adopted to expand the scope of the tax credit where the rule conflicts with legislative intent. Requires certain film productions claiming the tax credit to hire an independent third party certification of qualified production costs eligible for the credit. Requires DBEDT, in collaboration with DOTAX, to submit to the Governor and the Legislature a report on the number of jobs created in the State and the fiscal impact of every film production receiving the tax credit in the State.

ACT 143HB423 HD2 SD2 CD1