|to Appropriations & Revenue (S)
|AN ACT relating to the expansion of the film industry in Kentucky.
|Bill Request Number
|Summary of Original Version
|Create new sections of KRS Chapter 148 to provide individual income tax, corporation income tax, limited liability entity tax, and sales tax incentives for locating a film production facility in Kentucky or filming or producing a motion picture production in Kentucky; define terms; establish qualifications including minimum capital investment and minimum qualifying expenditures and minimum qualifying payroll expenditures, application and reporting requirements; require the Kentucky Film Office to administer the incentive program; authorize the Kentucky Film Office to enter into a film industry tax incentive agreement; authorize the promulgation of administrative regulations by the Kentucky Film Office and the Department of Revenue; create a new section of KRS 141 to create a motion picture film production nonrefundable income tax credit for the construction of a new film production facility or the renovation of an existing structure to become a film production facility and a motion picture production that is filmed or produced in Kentucky against the tax imposed under KRS 141.020 or 141.040 and KRS 141.0401 for taxable periods beginning after December 31, 2008; allow credit to be carried forward 5 years; amend KRS 141.0205 to establish the order in which the credits may be taken; amend KRS 139.538 to provide refund of the sales and use tax paid on the purchase of tangible personal property that is permanently incorporated into a film production facility or is used to initially equip the film production facility; provide for a refund of the sales and use tax paid by an approved company on qualifying expenditures if used in the filming or production of a motion picture production in Kentucky.
|Index Headings of Original Version
Taxation - Film industry, tax credits
Taxation, Income--Corporate - Film industry, tax credits
Taxation, Income--Individual - Film industry, tax credits
Taxation, Sales and Use - Film industry, tax credits
Last updated: 8/28/2019 8:17 AM (EDT)