SB461 Summary

• Revises the Entertainment Industry Incentive Act of 2009 to establish an application process for companies to become qualified production companies eligible for tax rebates on entertainment production expenditures in Alabama.

• Creates the Alabama Entertainment Incentive Review Board to review economic impact reports prepared by the Alabama Development Office and Department of Revenue, then approve or deny applications for qualified production company status.

• Provides tax rebates of 25% on non-payroll production expenditures, 25% on payroll paid to nonresidents, and 35% on payroll paid to Alabama residents, for projects with total expenditures between $500,000 and $10,000,000 (or $50,000-$300,000 for soundtracks).

• Requires approved applicants to register with the Secretary of State within 30 days and mandates independent certified public accountant audits upon project completion to verify all claimed production expenditures before rebate distribution.

• Designates the Alabama Development Office to recruit production companies, oversee entertainment facilitators, and guide applicants through the application process and incentive system.