HB686 Summary

• Amends Section 41-7A-43 of the Alabama Code to modify the production expenditure threshold for qualified production companies claiming tax rebates.

• Changes the requirement from meeting the $500,000 threshold within 12 months from "date of certification" to "date that the production is approved as a qualified production."

• Prohibits Alabama state-certified productions from aggregating their budgets to meet the $500,000 threshold unless at least one of the aggregated productions individually meets or exceeds the threshold.

• Maintains existing rebate rates of 25 percent on non-payroll production expenditures and 35 percent on payroll paid to Alabama residents.

• Becomes effective on the first day of the third month following passage and approval by the Governor.