SUBJECT: INCOME, GENERAL EXCISE, Workforce Development Rebate Program; Film Studio Tax Credit; Temporarily Expand Film and TV Production Credit Limits and Restrict Carryforward
BILL NUMBER: HB 1373 SD 2
INTRODUCED BY: Senate Floor Amendment
EXECUTIVE SUMMARY: Beginning 1/1/2024, requires the Department of Business, Economic Development, and Tourism to administer a Workforce Development Incentive Rebate Program that incentivizes local independent film and television productions. Establishes a new Film Studio Tax Credit. Amends the administration of the Motion Picture, Digital Media, and Film Production Income Tax Credit by increasing the tax credit cap from $50,000,000 to $75,000,000 for calendar year 2024 and eliminating the ability for credits exceeding the tax cap to be allowed to be claimed after December 31, 2024.