S.B. No. 341 Summary

• Modifies existing film/theater tax credit under section 122.85: Maintains 30% refundable credit for motion pictures and Broadway theatrical productions with eligible expenditures over $300,000, with annual cap of $40 million per fiscal year.

• Establishes new capital improvement project tax credit under section 122.852: Creates 25% refundable credit (up to $5 million per project) for film/theater industry facilities and equipment improvements, with annual cap of $100 million per fiscal year.

• Adds application fee requirement: Both programs require applicants to pay fees equal to the lesser of $10,000 or 1% of estimated tax credit value, deposited into tax incentives operating fund.

• Updates tax credit claiming procedures: Adds new tax credit sections (5726.58, 5747.67, 5751.55) across multiple tax chapters (corporate, individual income, employer) to allow capital improvement project credits to be claimed similar to existing production credits.

• Implements ranking and approval process: Director of development must rank applications based on economic impact and workforce development potential, with two annual review rounds for production credits and one annual round for capital improvement credits.