Loading chat...
IN SB0007
Bill
Status
1/3/2017
Primary Sponsor
Lonnie Randolph
Click for details
AI Summary
-
Reestablishes the media production expenditure tax credit (expired in 2012) as a refundable tax credit for qualified media production expenditures in Indiana, effective January 1, 2018.
-
Requires minimum qualified production expenditures of $50,000 to claim the credit, with a statewide annual cap of $2,500,000 for all taxpayers.
-
Sets credit rates at 40% for productions in economically distressed municipalities or counties, and 35% for other productions, for expenditures under $6,000,000; for expenditures of $6,000,000 or more, the Indiana Economic Development Corporation determines a rate not exceeding 15%.
-
Restricts credit awards to taxable years ending on or before December 31, 2020, and requires taxpayers with $6,000,000+ in expenditures to obtain pre-approval from the Indiana Economic Development Corporation before incurring costs.
-
Includes enforcement provisions allowing the corporation to disallow or recapture credits for non-compliance, and requires nonresident and corporate taxpayers to file Indiana income tax returns for at least five years and attribute qualifying production income to Indiana sources.
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
Senator Ford added as second author
1/17/2017