HB243 Summary

• Increases the maximum production expenditure cap for entertainment industry rebates from $10 million to $20 million per state-certified production project.

• Raises the annual aggregate cap for all entertainment industry incentives from $10 million to $20 million for fiscal years beginning September 30, 2014 and thereafter, with intermediate caps of $15 million for fiscal years 2013-2014.

• Extends tax exemptions on state portion of sales, use, and lodging taxes for qualified production companies to apply to expenditures up to $20 million instead of $10 million.

• Maintains rebate rates of 25 percent for non-payroll production expenditures and 35 percent for payroll paid to Alabama residents, with minimum project threshold of $500,000.

• Becomes effective immediately upon passage and approval by the Governor.