Bill > SB3088

This bill enhances the motion picture, digital media, and film production income tax credit by increasing the credit percentages, raising the overall annual cap, and extending its availability. Specifically, the qualified production credit will rise to 27% in counties with over 700,000 residents and to 32% in counties with fewer than 700,000 residents. The per-production cap of $17,000,000 is removed for productions with at least $60,000,000 in qualified expenditures, and the total annual amount of credits allowed is increased from $50,000,000 to $60,000,000. The sunset date for this tax credit is extended to January 1, 2038, and the definition of "qualified production" is expanded to include productions for streaming platforms, with a new definition provided for "streaming platform" as an online entertainment provider delivered via the internet through a paid subscription. Additionally, the bill clarifies and amends the requirement for independent third-party certification of qualified production costs.