SB 1151 Summary

• Amends 68 O.S. 2357.101 to limit the income tax credit for reinvestment of specified profit from film or music projects to taxable years beginning after December 31, 2004 and ending before January 1, 2015.

• Allows a 25% tax credit against income tax for taxpayers who reinvest profits from existing Oklahoma film or music projects with production companies for new Oklahoma film or music project production costs.

• Credit amount cannot exceed the taxpayer's tax liability in a calendar year and requires Oklahoma Tax Commission approval through prescribed forms documenting investment details.

• Includes detailed definitions of qualifying films, music projects, production companies, production costs, qualified vendors, and profit calculations based on Oklahoma production costs and taxpayer income allocation.

• Effective November 1, 2014.