HB 6929 Summary

• Repeals and replaces section 12-217jj of Connecticut General Statutes effective January 1, 2024, governing film and digital media production tax credits.

• Establishes tiered tax credit rates based on production expenses: 10% for $100,000-$500,000; 15% for $500,000-$1,000,000; and 30% for over $1,000,000 in qualifying in-state costs.

• Requires eligible production companies to conduct at least 50% of principal photography days in Connecticut or spend at least 50% of postproduction costs within the state to qualify for credits.

• Limits credit transferability to three times after issuance and imposes percentage restrictions on transfers to entities not subject to Connecticut corporate income tax (50% for 2011-2012, 25% for 2012 and later).

• Requires annual reporting to the Department of Economic and Community Development including job creation data and independent certification of production expenses, with credits claimable over five years following the income year expenses were incurred.