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AL SB293
Bill
Status
5/4/2023
Primary Sponsor
Garlan Gudger
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AI Summary
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Renames the Entertainment Industry Incentive Act of 2009 to the Film and Music Incentive Act of 2023 and expands eligible production types to include music, virtual reality, and augmented reality content.
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Increases rebate caps on production expenditures: $20 million through fiscal year 2023, $65 million for FY2024, $110 million for FY2025, and $150 million for FY2026 and thereafter.
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Defines "historic location" as parcels within 300 feet of both the Africatown Historic District and Mobile County Training School, with one-third of aggregate caps reserved for productions at qualified facilities in historic locations beginning FY2024.
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Maintains existing rebate structure of 25 percent on production expenditures excluding payroll plus 35 percent on resident payroll, with minimum $500,000 project threshold and tax exemptions for qualifying companies.
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Takes effect immediately upon passage and approval by the Governor.
Legislative Description
Relating to the Entertainment Industry Incentive Act of 2009; to amend Sections 41-7A-40, 41-7A-41, 41-7A-42, 41-7A-43, 41-7A-45, and 41-7A-48, Code of Alabama 1975, to expand the incentive by renaming it the Film and Music Incentive Act of 2023, to allow for the inclusion of music and virtual reality as qualified production companies; to define a "historic location," and to increase the current cap of the incentive.
Entertainment Industry Incentive Act of 2009, to amend
Last Action
Introduced and Referred to Senate Finance and Taxation Education
5/4/2023