AB 2026 Summary

• Extends the California film tax credit program allocation period from July 1, 2015 to July 1, 2017, allowing the California Film Commission to continue allocating credits for two additional years.

• Maintains the $100,000,000 annual cap on aggregate film tax credit allocations through fiscal year 2016-17, with up to $10,000,000 set aside annually for independent films.

• Requires the California Film Commission to annually post qualified taxpayer names, tax credit amounts, production days, expected jobs created, and qualified expenditures on its website for public disclosure.

• Directs the Legislative Analyst's Office to prepare a report by January 1, 2016 evaluating the economic effects and administration of the film tax credits, with authority for state agencies to share taxpayer information for this purpose.

• Imposes new reporting requirements for qualified taxpayers to provide specified information to the Franchise Tax Board regarding credit assignments and sales, particularly for independent film credits.