MN HF2655

Allows individual and corporate taxpayers a 25 percent tax credit against Minnesota income tax equal to their qualified investment in qualifying film productions made during the taxable year.

Requires the Minnesota Film and TV Board to certify that film productions are made wholly in Minnesota and that investments come from investors with no financial interest in the film or production company.

Limits annual film production investment credit certificates issued by the Minnesota Film and TV Board to $5,000,000 per year.

Permits taxpayers to carry over unused credits to the next five taxable years if credits exceed their tax liability, and allows credit transfers to other taxpayers after 180 days from the investment date with notification to the commissioner of revenue.

Effective for taxable years beginning after December 31, 2011.