HB 465 Summary

• Establishes a 30% transferable tax credit for qualified expenditures in film, television, esports, and videogame production activities in Delaware, with a minimum threshold of $500,000 in qualified expenditures per tax year.

• Credits can be applied against income or bank franchise taxes, carried forward for up to 10 years if unused, and transferred or sold to other entities.

• Requires qualified productions to conduct full audits of expenditures before credits are awarded and mandates internship opportunities for Delaware residents.

• Creates the Delaware Film, Television, and Digital Entertainment Office to administer the program in cooperation with the Department of Finance, with authority to promulgate regulations and establish reasonable fees.

• Caps the total amount of credit awards in any fiscal year at $25,000,000 and requires biennial reporting on program results including number of projects approved, employment created, and economic impact.