MN HF3048

Establishes a tax credit for individual and corporate taxpayers who present live theater productions in Minnesota, equal to 25% of qualifying expenditures for tier-one productions and 35% for tier-two productions.

Defines tier-one productions as pre-Broadway shows or long-run productions (8+ weeks, 6+ performances per week) with at least $100,000 in aggregate expenditures, and tier-two productions as shows running 6-36 weeks with 5+ weekly performances and at least $50,000 in aggregate expenditures.

Requires productions to be performed in qualified facilities (700+ seat capacity for tier-one, 200-699 seats for tier-two) and mandates a partnership agreement with a nonprofit sponsor organization headquartered within 50 miles of the theater.

Caps annual tax credits at $2,000,000 statewide with applications processed in order received, allows credit carryover for five years, and permits credit transfers after 180 days of initial expenditures.

Requires the Department of Employment and Economic Development to report annually on program effectiveness, job creation, spending brought to the state, and demographic information on wage recipients.