SB520:

Income tax, state; motion picture production tax credit.

Bill Summary:

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.