HB 589

Abstract

Income tax; motion picture production tax credit. Removes the sunset for the motion picture production tax credit,which currently is set to expire after taxable year 2026. The billincreases the aggregate limit on credits from $6.5 million to $15million starting with fiscal year 2021 and also provides that creditsallocated for episodic content, gaming, virtual reality, and augmentedreality productions shall not count against the aggregate limit.The bill provides that if the amount of credits actually claimedis less than the aggregate limit for that year, the unclaimed remaindershall be added to the limit for the next year. The bill authorizescredits to be issued for multiyear periods. Under current law, ifproduction continues for more than one year, the taxpayer must filea separate application for each year.