HB 1579 Summary

• Establishes an adjusted gross income tax credit for taxpayers who construct motion picture or audio production facilities in Indiana, effective for taxable years beginning after December 31, 2011.

• Credits equal 10% of qualified expenditures if facility costs do not exceed $1,000,000, or 25% of qualified expenditures if costs exceed $1,000,000.

• Requires Indiana Economic Development Corporation approval of expenditures and certification that the facility meets minimum thresholds: $100,000 for audio production facilities or $350,000 for motion picture production facilities.

• Allows unused credits to carry forward to succeeding taxable years for up to five years, but prohibits carryback or refunds of unused credits.

• Credits cannot be sold, assigned, or transferred, and pass-through entities unable to use credits may allocate them proportionally to shareholders, partners, or members.