MN SF2455

Allows individual and corporate taxpayers a credit equal to 25 percent of qualified investments in qualifying film productions made during the taxable year.

Defines "qualifying film production" as motion pictures certified by the Minnesota Film and TV Board as made wholly in Minnesota, including feature films and television series with national distribution agreements.

Limits the Minnesota Film and TV Board to issuing no more than $5,000,000 in film production investment credits per year.

Permits taxpayers to transfer credits to other taxpayers after 180 days from the date of investment, with transfers limited to once per 12-month period and must be reported to the commissioner of revenue within 30 days.

Allows unused credits to carry over to each of the five succeeding taxable years if the credit exceeds the taxpayer's tax liability for the current year.