MI SB1405

Establishes a tax credit program through September 30, 2015 for taxpayers investing in qualified film and digital media infrastructure projects in Michigan, administered by the Michigan Film Office with State Treasurer concurrence.

Provides a 25% tax credit on base investment for qualified projects, with a maximum of $20,000,000 in total credits authorized per tax year, requiring minimum investments of $100,000 before January 1, 2009 or $250,000 after December 31, 2008.

Requires application to the Michigan Film Office with a $100 application fee, submission of detailed business plans and project descriptions, and proof that at least 25% of base investment has been expended before claiming the credit.

Mandates that the Michigan Film Office forward complete applications and issued investment expenditure certificates to the Governor, Michigan Strategic Fund president, and legislative fiscal committees for transparency and oversight.

Allows unused credits to be carried forward for up to 10 years to offset future tax liabilities, and permits taxpayers to assign credits to other entities; credits are reduced by a 0.5% administrative fee deposited in the Michigan Film Promotion Fund.