THE INCENTIVES PROGRAM - TIP

Senate Bill 732 proposes to amend the motion picture, digital media, and film production tax credit program, as follows:

• Increases the annual funding cap from $50 million to $60 million per calendar year;
• Requires projects that exceed $1 million of production costs in a calendar year to submit a written, sworn statement accompanied by an independent third-party certificate, issued by a qualified certified public accountant, that verifies all representations made for the purpose of claiming the credit; and,
• Extends the program’s sunset date to December 31, 2038.

If enacted, this act shall take effect upon its approval and apply to taxable years beginning after December 31, 2025.

House Bill 1424 proposes to amend the Film Production Services Tax Credit Act for an accredited production commencing on or after January 1, 2026, as follows:

• Allows for an additional 30% tax credit to be earned on the Illinois labor expenditures generated as a result of work performed in Illinois by an actor who portrays a woman working in a STEM-related field, as defined;
  • If the total production expenditures are $25 million or less, then the wages of each resident actor and up to 2 eligible nonresident actors described above may be used to calculate the 30% tax credit; and,
  • If the total production expenditures are more than $25 million, then the wages of each resident actor and up to 4 eligible nonresident actors described above may be used to calculate the 30% tax credit.

Senate Bill 297 proposes to amend the Indiana Film and Media Production Tax Credit program by allowing the taxpayer to assign all or part of the credit. That said, the taxpayer may not assign all or part of a credit or credits to a particular person in amounts that are less than $10,000.

This changes the Indiana film tax credit from a nonrefundable nontransferable tax credit to a transferable tax credit.

Senate Bill 306 proposes to amend the Indiana Film and Media Production Tax Credit program as follows:

• Allows the taxpayer to assign any part of the film production tax credit that the taxpayer may claim; and,
• Extends the program’s sunset date to June 30, 2035.

House Bill 200 proposes to amend the Montana Media Production tax credit program by increasing the total claims for the tax credits provided for in 15-31-1007 and 15-31-1009 from $12 to $350 million in a calendar year.

If enacted, this Act shall be effective on passage and apply to income tax years beginning after December 31, 2024.

Senate Bill 271 proposes to amend the Empire State Film Production Credit, as follows:

• Defines film zone as an area within a twenty-five mile radius of Columbus Circle in the borough of Manhattan; and,
• Excludes any portion of Rockland or Westchester County, which is located in the film zone, from the additional empire state film production credit.

If enacted, this act shall take effect immediately.

House Bill 2108 proposes to amend the motion picture production tax credit program by increasing the total amount of credits allocated to all taxpayers under this section to $8.5 million in fiscal year 2025 and each fiscal (7/1 – 6/30) year thereafter.

Senate Bill 1179 proposes to amend the motion picture production tax credit program as follows:

• Increases the annual funding cap to $11.5 million per fiscal year (7/1- 6/30);
  • Allows for the unclaimed amount to be carried over to the next fiscal year and added to the aggregate limit for that year; and,
• Removes the program’s sunset date.