Bill Text: IN SB0130 | 2011 | Regular Session | Introduced
Bill Title: Media production expenditure tax credit.
Sponsorship: Partisan Bill (Democrat 1)
Status: (Introduced - Dead) 2011-01-05 - First reading: referred to Committee on Tax and Fiscal Policy [SB0130 Detail]
Download: Indiana-2011-SB0130-Introduced.html
Citations Affected: IC 6-3.1-32.
Synopsis: Media production expenditure tax credit. For purposes of
the media production expenditure tax credit, decreases (from $100,000
to $50,000) the amount of qualified production expenditures that must
be made on a feature length film or a television series, program, or
feature before a taxpayer may qualify for the credit. For purposes of the
media production expenditure tax credit, increases the credit
percentage from 15%: (1) to 40%, in the case of qualified production
expenditures paid to an individual or entity located in an economically
distressed municipality or county; or (2) to 35%, in the case of other
qualified production expenditures. Provides that the media production
expenditure tax credit expires January 1, 2014 (rather than January 1,
2012, under current law).
Effective: January 1, 2012.
January 5, 2011, read first time and referred to Committee on Tax and Fiscal Policy.
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A BILL FOR AN ACT to amend the Indiana Code concerning
taxation.
(1) incurs or makes qualified production expenditures of:
(A) at least
(B) at least fifty thousand dollars ($50,000), in the case of a qualified media production described in section 5(a)(2), 5(a)(3), 5(a)(4), or 5(a)(5) of this chapter; and
(2) satisfies the requirements of this chapter;
may claim a refundable tax credit as provided in this chapter.
(b) The maximum amount of tax credits that may be allowed under this chapter during a state fiscal year for all taxpayers is two million five hundred dollars ($2,500,000).
SECTION 2, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JANUARY 1, 2012]: Sec. 10. This section applies to a taxpayer that
claims qualified production expenditures of less than six million dollars
($6,000,000) in a taxable year for purposes of the tax credit under this
chapter. The amount of the tax credit to which a taxpayer is entitled
under this chapter equals the product of:
(1) fifteen percent (15%); a percentage equal to:
(A) forty percent (40%), in the case of qualified production
expenditures paid to an individual or entity located in a
municipality or county:
(i) in which twenty-five percent (25%) of the households
are below the poverty level as established by the most
recent United States decennial census; or
(ii) that has an average rate of unemployment for the
most recent eighteen (18) month period for which data is
available that is at least one and one-half (1 1/2) times
the average statewide rate of unemployment for the
same eighteen (18) month period; or
(B) thirty-five percent (35%), in the case of qualified
production expenditures that are not described in clause
(A); multiplied by
(2) the amount of the taxpayer's qualified production expenditures
in the taxable year.
2013.
(b) This chapter expires January 1,
(b) This SECTION expires January 1, 2014.
