IL HB5612

Amends the Film Production Services Tax Credit Act of 2008 to change the effective date for deposits into the Illinois Production Workforce Development Fund from July 1, 2022 to July 1, 2023

Modifies deposit calculation to be based only on the amount of credit transferred on a taxpayer's Illinois tax return, removing the phrase "or claimed"

Fund receives deposits not exceeding 0.25% of each issued credit certificate (excluding out-of-state wages) plus 2.5% of credits calculated on wages paid to nonresidents

Funds are used exclusively for grants to community-based organizations, labor organizations, universities, and colleges to administer workforce training programs in the film industry focused on recruitment, hiring, retention, and training of diverse and inclusive workers

Requires 50% of appropriated funds to be reserved annually for organizations that are minority-owned businesses, located in underserved areas, or train cohorts where at least 50% of participants are minorities or reside in underserved areas