MO HB479

Increases the annual aggregate cap on tax credits for qualified film production projects from $4.5 million to $10 million for taxable years beginning on or after January 1, 2011.

Allows taxpayers a tax credit of up to 35% of qualifying expenses for qualified film production projects, defined as productions under 30 minutes with in-state budgets exceeding $50,000 or over 30 minutes with budgets exceeding $100,000.

Excludes highly compensated individuals (earning over $1 million per project) and certain production types (news, talk shows, sports events, political ads, obscene content) from the tax credit calculation.

Permits taxpayers to carry forward unused credits for up to five tax periods and allows transfer or sale of tax credits to other taxpayers.

Program automatically sunsets six years after November 28, 2007, unless reauthorized by the legislature.