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HB 554/FN (BR 463) - R. Damron

     AN ACT relating to economic development.
     Amend KRS 139.538, 139.5381, 139.5382, 139.5383, 139.5384, 139.5385, and 139.990 to change the existing sales and use tax exemption for motion picture production companies from a refundable credit to a program that allows purchases using an exemption certificate; expand the definition of projects that will qualify for exemption; create new sections of KRS Chapter 141 to establish a refundable credit against the income tax and the limited liability entity tax for qualifying expenditures made by production companies; provide that the percentage allowed as a refundable credit shall increase from 10 percent to 15 percent of qualifying expenditures if, based upon an analysis due by December 1, 2009, the production company tax incentives provide a revenue-positive benefit to the Commonwealth; provide that the income tax and limited liability entity tax credits apply for tax periods beginning on or after June 1, 2007.

     Feb 20-introduced in House
     Feb 21-to Appropriations & Revenue (H)

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