AL HB429

Renames the "Entertainment Industry Incentive Act of 2009" to the "Film and Music Incentive Act of 2023" to expand focus to include music and virtual reality productions.

Increases the annual incentive cap from $20 million to $50 million for fiscal year 2024 and all subsequent fiscal years.

Expands qualified production definitions to include music albums, music videos, sound recordings, and entertainment content incorporating virtual reality or augmented reality.

Establishes rebate structure of 25% on non-payroll production expenditures and 35% on payroll paid to Alabama residents, with minimum project expenditure of $500,000.

Provides sales and use tax exemptions for qualified production companies spending $150,000 or more in Alabama, applicable up to $50 million in production expenditures per project.