CA AB2700

Adds new tax credits for qualified post production costs on motion pictures for taxable years beginning January 1, 2015, allowing 25% credit on qualified post production costs at qualified production facilities.

California Film Commission authorized to allocate credits from July 1, 2015 through July 1, 2020, with aggregate annual cap amount to be determined (blank in amended text).

Defines qualified motion pictures to include features ($1 million minimum budget), television series, independent films, and relocated series; requires 75% of post production work or budget to occur in California and completion within 30 months.

Allows qualified taxpayers to sell credits to unrelated parties, carry over excess credits for up to 6 years, and pass credits through to partners or shareholders in pass-through entities.

Establishes California Film Commission duties including application procedures, verification of qualified costs, issuance of credit certificates, and annual public reporting of allocated credits to qualified taxpayers and motion pictures.