MN HF4108

Allows taxpayers a refundable credit equal to 25 percent of film production and postproduction expenditures made in Minnesota directly attributable to film production in the state.

Defines "film" and qualifying "production costs" by reference to Minnesota Statutes section 116U.26, with expenditures required to be subject to taxation in Minnesota.

Excess credits that exceed a taxpayer's annual tax liability are refunded to the taxpayer, with necessary refund amounts appropriated annually from the general fund to the commissioner of revenue.

Permits credit certificate recipients to assign certificates to other taxpayers, provided the assignee notifies the commissioner within 30 days of assignment.

Credits granted to partnerships, limited liability companies, S corporations, and multiple property owners pass through pro rata to partners, members, shareholders, or owners based on their asset share or special allocations, effective for taxable years beginning after December 31, 2018.