SB 2603 Summary

• Amends the definition of "base investment" under the Mississippi Motion Picture Incentive Act to allow payroll and fringes to be included for qualifying motion picture production companies.

• Eligible companies must be designated as Mississippi-based or Mississippi resident by the Mississippi Development Authority, have filed state income taxes for the previous three years, and have produced at least two motion pictures in Mississippi during the past ten years.

• Payroll and fringes may only be included for non-resident employees whose wages are subject to Mississippi Income Tax Withholding.

• Caps the inclusion of payroll and fringes at $5,000,000 per employee.

• Company must submit a request to include payroll and fringes when applying for state-certified production approval.