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IN SB0125
Bill
Status
1/5/2016
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, effective January 1, 2017.
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Requires minimum qualified production expenditures of $50,000 and provides tax credits at 40% for economically distressed municipalities/counties or 35% for other areas, applicable to expenditures under $6,000,000.
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For qualified production expenditures of at least $6,000,000, the Indiana Economic Development Corporation (IEDC) determines the credit percentage (not to exceed 15%) and must approve the credit before expenditures are incurred.
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Caps total tax credits allowed statewide at $2,500,000 per fiscal year and prohibits awarding credits for taxable years ending after December 31, 2019.
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Requires nonresident and corporate taxpayers claiming credits to file Indiana income tax returns for at least five years and subjects them to Indiana jurisdiction; allows the IEDC to disallow or recapture credits for failure to meet conditions.
Legislative Description
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 of qualified production expenditures paid
Last Action
First reading: referred to Committee on Tax & Fiscal Policy
1/5/2016