MN SF2765

Increases the annual film production tax credit allocation from $4,950,000 to $24,950,000 per year, available through December 31, 2024.

Changes the minimum expenditure requirement from "in the taxable year" to "a consecutive 12-month period beginning when expenditures are first paid in Minnesota" for eligible production costs of at least $1,000,000.

Maintains the tax credit at up to 25 percent of eligible production costs and requires film projects to include visible Minnesota promotion in end credits.

Repeals the sunset provision (Minnesota Statutes 2022, section 116U.27, subdivision 7) that would have expired the film production credit program on January 1, 2025.

Allows credits to be claimed under individual income tax (section 290.06) and corporate franchise/premiums tax (section 297I.20) with five-year carryforward provisions for unused amounts.