OH HB399

Establishes a temporary refundable income tax credit for investors in sound recording production companies in Ohio, available for taxable years beginning before January 1, 2024.

Director of development services certifies tax credit-eligible productions (sound recordings recorded in-state) and projects (capital infrastructure for sound recording) based on factors including economic impact, job creation, and industry development.

Credit equals 25% of eligible expenditures exceeding $10,000, capped at $75,000 per production or project and $1 million aggregate per fiscal year, awarded on first-come, first-served basis.

Requires sound recording production companies to report eligible expenditures (which may be audited), with director able to disallow claimed expenses; audit costs reduce awarded credits proportionately.

Director must submit biennial reports (starting October 2022) to legislative committees evaluating credit effects including job creation, payroll, economic impact, and infrastructure development in sound recording industry.