MI SB1571

Modifies Michigan film production tax credit to expire September 30, 2012, with declining credit percentages: 42% for core communities and 40% elsewhere (through 2010), reduced to 28% and 26% respectively (2011), then 14% and 13% (2012).

Reduces maximum compensation cap per employee from $2,000,000 to $1,000,000 for direct production and qualified personnel expenditures.

Establishes aggregate credit limits: $80,000,000 for calendar year 2011 and $40,000,000 for calendar year 2012 in postproduction certificates of completion issued.

Maintains existing requirements for $50,000 minimum in-state spending, postproduction certificates of completion, and restriction on delinquent taxpayers while phasing out the credit program.