Legislative record

RELATING TO TAXES.

Beginning 1/1/2023, requires every person making payment to a loan-out company and claiming the motion picture, digital media, and film production income tax credit to withhold and remit to DOTAX a portion of all payments to the loan-out company; increases the amount of the tax credit; amends the requirements to claim the tax credit, including reducing the amount of qualified productions costs; removes the requirement for productions to submit a verification review by a qualified certified public accountant when applying for the tax credit; requires the report by DBEDT to include the dollar amount claimed, name of the company, and name of the qualified production of the taxpayer; changes the time frame for DBEDT to issue a letter to the taxpayer claiming the tax credit; increases the cap of the claimable amount of the tax credit; requires taxpayers to submit a fee to DBEDT; and clarifies the definition of "qualified production costs". Extends the period during which excess income tax credits may be claimed to 12/31/2032. Authorizes, and appropriates funds for, DOTAX to establish 2 full-time equivalent tax auditor positions. Requires, and appropriates funds for, DBEDT to establish 1 full-time equivalent program specialist position. (CD1)