Bill > HB05981

This bill proposes to establish an annual aggregate cap of $50 million on tax credits for three specific entertainment industry tax credit programs: film production, entertainment industry infrastructure projects, and digital animation. By setting this cap, the legislation aims to limit the total amount of tax credits that can be awarded across these three programs in a given fiscal year. The $50 million limit will help control state government spending on tax incentives designed to attract and support entertainment industry activities. Tax credits are financial incentives that reduce the amount of taxes a company or individual owes, effectively providing a financial benefit to encourage specific economic activities like film production or digital animation development. This bill appears to be a fiscal management measure to provide more predictability and control over tax credit expenditures in the entertainment sector while still maintaining support for these industries.

Budget and Finance

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=HB05981&which_year=2025