April 30, 2011
ON THE GOVERNOR'S DESK (Awaiting Signature)
Under the current incentive program, an eligible production may earn a rebate equal to 25% of qualified spend. When signed, this new legislation provides for a refundable tax credit equal to 25% of eligible expenditures for all qualified productions except TV series (including a pilot and mini-series) which will earn 27%. The minimum spend requirement remains at $500,000; the statewide cap will be increased from $1 million per fiscal year to $7.5 million (unused funds will roll to the next year); and, all wages of any individual earning more than $500,000 will not be eligible for the incentive. This new program will take effect July 1, 2011.
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