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Introduced House Bill (H)

DIGEST

Film and media tax incentive. Creates a film and media tax incentive under the venture capital investment tax credit provision. Adds organizations engaged in the business of making qualified media productions in Indiana to the definition of "qualified Indiana business" for purposes of the venture capital investment tax credit. Defines "qualified media production" and "qualified production expenditure" for purposes of the venture capital investment tax credit. Provides that credits allowed under the venture capital investment tax credit are transferrable among qualified businesses. Requires the Indiana destination development corporation (corporation) to conduct an economic impact study on a production being produced Film and media tax incentive. Creates a film and media tax incentive under the venture capital investment tax credit provision. Adds organizations engaged in the business of making qualified media productions in Indiana to the definition of "qualified Indiana business" for purposes of the venture capital investment tax credit. Defines "qualified media production" and "qualified production expenditure" for purposes of the venture capital investment tax credit. Provides that credits allowed under the venture capital investment tax credit are transferrable among qualified businesses. Requires the Indiana destination development corporation (corporation) to conduct an economic impact study on a production being produced in a neighboring state with media production incentives. Requires the corporation to establish a pilot program and select a film or television project that features an Indiana based story set at an Indiana specific setting. Provides an enhanced tax credit for the pilot participant, provided the participant begins production of the project within one year of selection. Encourages the corporation to cooperate with the Indiana economic development corporation to establish a permanent multiyear film and media production program, to be known as "Film Indiana", and to employ a film commissioner and necessary staff in the Film Indiana program, and requires, when necessary, the film commissioner to: (1) work with the Indiana economic development corporation to develop a plan to attract the needed components to build the infrastructure for a film and media production industry in the state of Indiana; and (2) work with the department of workforce development and Indiana film and media schools to create a workforce development plan to include training for film and media professionals and internship opportunities for students attending film and media schools within Indiana. Requires the film commissioner to report on the plans to the Indiana economic development corporation and the corporation by December 1, 2022. Requires the Indiana economic development corporation to expand the venture capital investment tax credit so as to establish a permanent multiyear film and media production incentive. Requires an applicant for the tax credit to agree to various requirements surrounding the production. ... View more