SF 419

as introduced - 91st Legislature (2019 - 2020) Posted on 02/21/2019 02:34pm

A bill for an act
relating to taxation; individual income; providing a refundable film production tax
credit; amending Minnesota Statutes 2018, section 290.06, by adding a subdivision.

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

Section 1.

Minnesota Statutes 2018, section 290.06, is amended by adding a subdivision
to read:

new text begin Subd. 39. 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 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, 2018.
new text end