HB 1174 Summary

• Changes the motion picture, digital media, and film production income tax credit from refundable to nonrefundable, allowing excess credits to carry forward to subsequent years instead of being refunded to taxpayers.

• Extends the expiration date of the film production tax credit from January 1, 2026 to January 1, 2033, and increases the annual credit cap from $50,000,000.

• Requires the Department of Business, Economic Development, and Tourism to publish on its website the names of qualified productions and the amount of tax credits certified per production per filing year.

• Reduces renewable energy technology income tax credit cap amounts by 50% for most property types, but maintains the $500,000 cap for commercial property used in community-based renewable energy projects.

• Amendments apply to taxable years beginning after December 31, 2021 for film credits and to renewable energy systems installed after December 31, 2021; effective July 1, 2050.