Bill > SB187

This bill creates a temporary tax credit program to incentivize investment in sound recording production companies in Ohio. The bill establishes a refundable income tax credit for investors in sound recording production companies, allowing them to claim a credit of 25% of eligible expenditures over $10,000 for sound recording productions or infrastructure projects. The credit is capped at $75,000 per production or project, with a total annual aggregate limit of $1 million in credits. To qualify, a sound recording production company must apply to the Director of Development for certification, providing details about the production or infrastructure project, such as distribution plans, budgets, and location. The Director will evaluate applications based on factors like potential economic impact, job creation, and development of the state's music industry. The tax credit will be available for taxable years beginning before January 1, 2029, and the Director is required to submit a biennial report to the legislature evaluating the program's effectiveness. The bill aims to support and grow Ohio's sound recording industry by providing financial incentives for production and infrastructure investments within the state.

Budget and Finance

https://www.legislature.ohio.gov/legislation/136/sb187