Minnesota Legislature
HF 4590
as introduced - 92nd Legislature (2021 - 2022) Posted on 03/24/2022 01:59pm
Current Version - as introduced
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A bill for an act
relating to taxation; modifying the film production credit; amending Minnesota Statutes 2021 Supplement, section 116U.27, subdivisions 1, 2.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2021 Supplement, section 116U.27, subdivision 1, is
amended to read:
Subdivision 1.
Definitions.
(a) For purposes of this section, the following terms have
the meanings given.
(b) "Allocation certificate" means a certificate issued by the commissioner to a taxpayer
upon receipt of an initial application for a credit for a project that has not yet been completed.
(c) "Application" means the application for a credit under subdivision 4.
(d) "Commissioner" means the commissioner of employment and economic development.
(e) "Credit certificate" means a certificate issued by the commissioner upon submission
of the cost verification report in subdivision 4, paragraph (e).
(f) "Eligible production costs" means eligible production costs as defined in section
116U.26, paragraph (b), clause (1), incurred in Minnesota that are directly attributable to
the production of a film project in Minnesota.
(g) "Film" has the meaning given in section 116U.26, paragraph (b), clause (2).
(h) "Project" means a film:
(1) that includes the promotion of Minnesota;
(2) for which the taxpayer has expended at least $1,000,000 in deleted text begin the taxable yeardeleted text end new text begin any
consecutive twelve-month periodnew text end for eligible production costsnew text begin , provided that the taxpayer
designates the months used for the period to the commissioner and does not designate a
month previously designatednew text end ; and
(3) to the extent practicable, that employs Minnesota residents.
(i) "Promotion of Minnesota" or "promotion" means visible display of a static or animated
logo, approved by the commissioner and lasting approximately five seconds, that promotes
Minnesota within its presentation in the end credits before the below-the-line crew crawl
for the life of the project.
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective for taxable years beginning after December
31, 2021.
new text end
Sec. 2.
Minnesota Statutes 2021 Supplement, section 116U.27, subdivision 2, is amended
to read:
Subd. 2.
Credit allowed.
A taxpayer is eligible for a credit up to 25 percent of new text begin any
new text end eligible production costs paid in a taxable year. A taxpayer may only claim a credit if the
taxpayer was issued a credit certificate under subdivision 4.
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective for taxable years beginning after December
31, 2021.
new text end