HB 983 Summary: Entertainment Industry Financial Incentive Program

• Revises the entertainment industry financial incentive program to increase tax credit allocations from $42 million to $200 million annually for fiscal years 2014-2015 through 2019-2020, and extends program repeal date from July 1, 2016 to July 1, 2020.

• Requires certified productions to notify the Office of Film and Entertainment within 5 days of any break in production, loss of financing, or schedule changes, with authority to deny certifications and allow adjusted tax credit awards for partial production completion.

• Modifies qualified production requirements by increasing resident crew and cast hiring thresholds from 70% to 60% for general productions and from 75% to 80% for digital media projects, while expanding the definition of "underutilized region" to include five regional categories rather than excluding only three counties.

• Establishes a 10-point promotional activities credit system allowing productions to earn an additional 10% tax credit by completing activities such as behind-the-scenes videos, promotional content, conducting principal photography in underutilized regions, and holding world premiere screenings.

• Requires actual qualified expenditures to be verified by independent certified public accountants within 180 days after production completion, with final approval by the Department of Economic Opportunity before tax credits are awarded.