MI SB0539

Creates a 25% tax credit against Michigan business taxes for taxpayers investing at least $100,000 (before January 1, 2009) or $250,000 (after December 31, 2008) in qualified film and digital media infrastructure projects, available until September 30, 2015.

Limits total credits authorized per tax year to $20,000,000 and requires taxpayers to wait until at least 25% of base investment is expended before claiming the credit.

Requires taxpayers to enter into agreements with the Michigan Film Office and State Treasurer, including project descriptions, business plans, budgets, and timelines; construction must commence within 180 days or the agreement expires.

Beginning July 1, 2009, prioritizes agreements with taxpayers who commit to hiring only Michigan residents or individuals planning to become residents within 90 days of project commencement, with exceptions for federal law compliance and specialized personnel needs.

Allows credits to be assigned to other taxpayers, reduced by a 0.5% fee deposited to the Michigan Film Promotion Fund, and carried forward for up to 10 years if they exceed current year tax liability.