SB 1197 Summary

• Extends the California Film Commission's requirement to allocate motion picture tax credits from July 1, 2015 to July 1, 2017 under both Personal Income Tax Law and Corporation Tax Law.

• Increases the aggregate annual cap on tax credit allocations from $100,000,000 through fiscal year 2014-15 to $100,000,000 through fiscal year 2016-17, with up to $10,000,000 annually set aside for independent films.

• Requires the California Film Commission to annually post on its website a public list of qualified taxpayers, tax credit amounts allocated, production days in California, expected jobs created, and qualified expenditures for each production.

• Mandates the Legislative Analyst's Office to prepare a report by January 1, 2016 evaluating the economic effects and administration of film tax credits, with access to confidential taxpayer information from the California Film Commission and Franchise Tax Board.

• Allows state agencies to disclose specified taxpayer information to the Legislative Analyst's Office for the report, with criminal penalties imposed for unauthorized disclosure of that information.