SF 2074

as introduced - 89th Legislature (2015 - 2016) Posted on 04/15/2015 08:45am

A bill for an act
relating to taxation; individual income; providing a film production tax credit;
appropriating money; amending Minnesota Statutes 2014, section 290.06, by
adding a subdivision.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2014, section 290.06, is amended by adding a
subdivision to read:

new text begin Subd. 37. new text end

new text begin Refundable film production credit; appropriation. new text end

new text begin (a) A taxpayer
is allowed a credit against the taxes due under this chapter equal to 25 percent of
film production and postproduction expenditures made in Minnesota that are directly
attributable to film production in Minnesota.
new text end

new text begin (b) For purposes of this subdivision, "film" has the meaning given in section 116U.26.
new text end

new text begin (c) Expenditures that qualify for the credit under this subdivision must be
"production costs" as that term is defined in section 116U.26 and must be subject to
taxation in Minnesota.
new text end

new text begin (d) If the amount of the credit under this subdivision exceeds the taxpayer's tax
liability under this chapter for the taxable year, the amount of the excess must be refunded
to the taxpayer. The amount necessary to pay the refunds under this subdivision is
appropriated annually from the general fund to the commissioner of revenue.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxable years beginning after
December 31, 2014.
new text end