MO HB1587

Repeals and re-enacts section 135.750, RSMo, relating to tax credits for qualified film production projects.

Increases the aggregate annual tax credit cap from $4.5 million (for 2008-2009) to $10 million for all fiscal years beginning January 1, 2010 and thereafter.

Defines "qualified film production project" as productions under 30 minutes with in-state budgets exceeding $50,000 or over 30 minutes exceeding $100,000, excluding news, talk shows, sports events, infomercials, political ads, and obscene content.

Allows taxpayers a tax credit of up to 35% of qualifying expenses, with credits transferable to other taxpayers and carryforwardable for up to five tax periods (must be claimed within ten periods).

Requires all amounts owed to in-state vendors for qualifying expenses to be paid before tax credits can be issued; includes expenses from motion media vendors in adjoining counties as qualifying expenses.