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IN SB0021
Bill
Status
1/6/2015
Primary Sponsor
Lonnie Randolph
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AI Summary
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Reestablishes the media production expenditure tax credit (expired in 2012) as a refundable tax credit for qualified production expenditures in Indiana of at least $50,000.
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For expenditures under $6,000,000, provides a tax credit of 40% for production paid to individuals or entities 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, allows the Indiana Economic Development Corporation to approve a tax credit at a rate not exceeding 15%, contingent on applicant approval before incurring expenses.
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Caps total media production tax credits allowed per state fiscal year at $2,500,000 and prohibits credits for taxable years ending after December 31, 2018.
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Effective January 1, 2016 for qualified production expenditures made after December 31, 2015.
Legislative Description
Media production expenditure tax credit. Media production expenditure tax credit. 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
Last Action
Senator Schneider added as second author
1/20/2015