S.B. 365 Summary

• Modifies the Motion Picture, Digital Media, and Film Production Income Tax Credit by removing specific dollar caps for both annual credits ($35,000,000) and per-production limits ($15,000,000), leaving amounts to be specified.

• Adds an additional percentage increase to the tax credit for qualified post-production costs performed at qualified post-production facilities, with the department authorized to establish criteria for eligible facilities.

• Extends the sunset/repeal date of the tax credit program, replacing the January 1, 2026 expiration date with a new date to be specified.

• Requires qualified productions to demonstrate financial or in-kind contributions and educational or workforce development efforts in partnership with local industry organizations and educational institutions.

• Takes effect July 1, 2112, and applies to taxable years beginning after December 31 of the prior calendar year.