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 until exhausted rather than being refunded immediately.

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

• 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 (single-family residential, multi-family residential, and standard commercial), but maintains the higher $500,000 cap for community-based renewable energy projects on commercial property.

• Amendments to film production credits apply to taxable years beginning after December 31, 2021, and renewable energy credit amendments apply to systems installed after December 31, 2021, with the Act taking effect July 1, 2050.