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IN HB1087
Bill
Status
1/6/2015
Primary Sponsor
Christina Hale
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AI Summary
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Reestablishes the media production expenditure tax credit that expired in 2012, providing a refundable tax credit for taxpayers making qualified production expenditures in Indiana of at least $50,000.
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For expenditures under $6,000,000, the tax credit equals 40% of qualified production expenditures in economically distressed municipalities or counties, or 35% for other qualified production expenditures.
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For expenditures of $6,000,000 or more, the Indiana Economic Development Corporation (IEDC) determines a credit percentage not to exceed 15%, and the taxpayer must apply to the IEDC for pre-approval before incurring expenses.
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Caps the maximum total media production tax credits allowed during any state fiscal year at $2,500,000 for all taxpayers combined.
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Credits are not available for taxable years ending after December 31, 2017, and applies to qualified production expenditures made after December 31, 2015.
Legislative Description
Tax credits for media production. Reestablishes the media production expenditure tax credit (which expired in 2012), with certain changes. Provides a refundable tax credit to taxpayers that make qualified production expenditures in Indiana. Provides that the tax credit may be granted only if qualified production expenditures are at least $50,000. Provides that in the case of a taxpayer that claims the tax credit for qualified production expenditures of less than $6,000,000, the amount of the credit equals a percentage of the taxpayer's qualified production expenditures. Specifies that the percentage is: (1) 40%, in the case of qualified production expenditures paid
Last Action
First Reading: referred to Committee on Ways and Means
1/6/2015