HB 473 Appelbaum, LaDonna
HB 473 -- TAX CREDITS FOR QUALIFIED MOTION MEDIA PROJECTS
SPONSOR: Appelbaum
This bill establishes the "Show MO Act".
This bill reauthorizes a tax credit for certain expenses related to the production of qualified motion media production projects in this state, as defined in the bill. Tax credits for such expenses under previous law expired on November 28, 2013.
For all tax years beginning on or after January 1, 2024, this bill authorizes a tax credit equal to 20% of qualifying expenses associated with the production of a qualified motion media production project. An additional 5% may be awarded for each of the following conditions if they are met:
(1) At least 50% of the qualified film production project is filmed in Missouri;
(2) At least 15% of the project takes place in a rural or blighted area in Missouri;
(3) At least three departments of the production hire a Missouri resident ready to advance to the next level in a specialized craft position or learn a new skillset;
(4) The Department of Economic Development determines that the script for such project positively markets a city or region of the state, the entire state, or a tourist attraction located in the state, and the production provides advertising materials, as described in the bill.
The total dollar amount of tax credits awarded to a qualified film production project may be increased by 10% if such project is located in a county of the second, third, or fourth class.
A qualified motion media production project shall not be eligible for tax credits pursuant to this bill unless such project employs the following number of Missouri registered apprentices or veterans with transferable skills:
(1) If the qualifying expenses are less than $5 million, two;
(2) If the qualifying expenses are at least $5 million but less than $10 million, three;
(3) If the qualifying expenses are at least $10 million but less than $15 million, six; or
(4) If the qualifying expenses are at least $15 million, eight.
Final applications for the tax credit shall be accompanied by a report by a certified public accountant located and licensed by the state of Missouri, prepared at the expense of the applicant, attesting that the amounts in the final application are qualifying expenses.
The total amount of tax credits authorized by this bill for film production shall not exceed $8 million per year and the total amount of tax credits for series production authorized by this bill shall not exceed $8 million per year.
This bill shall sunset on December 31, 2030.
This bill is similar to HB 2473 (2022).