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CA SB1197
Bill
Status
Introduced
2/18/2010
Primary Sponsor
Ronald Calderon
Click for details
AI Summary
- Repeals prohibition preventing tax credits for qualified motion picture production from being carried over between fiscal years
- Authorizes the California Film Commission to specify the taxable year in which motion picture production credits are allowed, effective for credits allocated in the 2010-11 fiscal year and thereafter
- Maintains $100 million annual cap on aggregate tax credit allocation for fiscal years 2009-10 through 2013-14, with up to $10 million set aside annually for independent films
- Allows qualified taxpayers to sell credits attributable to independent films to unrelated parties, with reporting requirements to the Franchise Tax Board
- Applies to both Personal Income Tax (Section 17053.85) and Corporation Tax (Section 23685) credits for motion picture productions meeting California budget and production requirements
Legislative Description
Income and corporation taxes: credits: qualified motion
Last Action
Hearing postponed by committee.
6/22/2010
Committee Referrals
Revenue and Taxation3/4/2010
Rules2/18/2010
Full Bill Text
No bill text available