A public hearing for Rep. Hamann‘s Film Bill LD 1164 "An Act To Promote Tourism and Foster Economic Development" has been scheduled for Thursday, April 23, at 1:00PM in room 127 at the State House.
Please feel free to email me or call me on my cell phone at (207) 215-2462 if you have any questions, or would like additional information about attending the public hearing, or about testifying at the public hearing.
HERE IS A LINK TO THE TEXT OF THE BILL:
HERE IS A SUMMARY (INCLUDED AT THE BOTTOM OF THE BILL TEXT) ABOUT THE CHANGES THIS BILL WOULD MAKE TO THE CURRENT FILM INCENTIVE:
“This bill provides a fully refundable income tax credit for expenses and wages directly incurred in Maine by a major visual media production company, including for content that is produced for the Internet, in an amount of up to 25% of production expenses if the overall budget is greater than $1,000,000, not including wages for starring cast or the director, writer or producers. The credit must be claimed in the taxable year in which the major visual media production is completed.
A major visual media production company must submit a nonrefundable application fee, which is 0.2% of the estimated tax credit, but may be no less than $200 and no more than $5,000. The Department of Economic and Community Development may deny a certificate for a visual media production or a major visual media production for any reason. The department is required to deny a certificate if it would qualify the production for tax credits in excess of the funds appropriated for that purpose.”
No comments:
Post a Comment