Introduced House Bill (H)

Authored by

DIGEST

Film production tax credit. Establishes the Indiana film and media production expenditure tax credit. Provides a refundable tax credit to taxpayers that make certain expenditures for a qualified media production if at least 50% of the total incurred expenses are qualified production expenditures in Indiana. Provides that the tax credit may be granted only if qualified production expenditures are at least $35,000. Provides that the amount of the credit equals the taxpayer's qualified production expenditures multiplied by a percentage determined by the Indiana economic development corporation (IEDC). Specifies that the tax credit percentage may not be more than: (1) 35%, Film production tax credit. Establishes the Indiana film and media production expenditure tax credit. Provides a refundable tax credit to taxpayers that make certain expenditures for a qualified media production if at least 50% of the total incurred expenses are qualified production expenditures in Indiana. Provides that the tax credit may be granted only if qualified production expenditures are at least $35,000. Provides that the amount of the credit equals the taxpayer's qualified production expenditures multiplied by a percentage determined by the Indiana economic development corporation (IEDC). Specifies that the tax credit percentage may not be more than: (1) 35%, in the case of qualified production expenditures for skilled workforce training or the payment of student internships; (2) 30%, in the case of qualified production expenditures for the payment of wages, salaries, and benefits; or (3) 20%, in the case of all other qualified production expenditures. Provides that the taxpayer must, before incurring or making the qualified production expenditures, apply to the IEDC for approval of the tax credit. Provides certain requirements that must be included in a tax credit agreement. Provides that the maximum amount of film and media production expenditure tax credits that may be allowed during a state fiscal year for all taxpayers is $15,000,000. Specifies that these tax credits may not be awarded for a taxable year ending after December 31, 2023. ... View more