AB912: Bill Text

LRB-4330/1

JK:eev:jf

2013 - 2014 LEGISLATURE

2013 Assembly BILL 912

April 3, 2014 - Introduced by Representative Hulsey. Referred to Committee on Jobs, Economy and Mining.

AB912,1,5 An Act to repeal 71.07 (5f) (d) 3., 71.07 (5h) (d) 3., 71.28 (5f) (d) 3., 71.28 (5h) (d) 3., 71.47 (5f) (d) 3. and 71.47 (5h) (d) 3.; and to amend 71.07 (5f) (c) 1., 71.07 (5f) (c) 5., 71.07 (5h) (c) 4m., 71.28 (5f) (c) 1., 71.28 (5f) (c) 5., 71.28 (5h) (c) 4m., 71.47 (5f) (c) 1., 71.47 (5f) (c) 5. and 71.47 (5h) (c) 4m. of the statutes; relating to: restoring and increasing the film production credit.

Analysis by the Legislative Reference Bureau

Under current law, a person may claim against the person's income and franchise tax liability a film production services tax credit and a film production company investment credit for film production activities in this state. No person, however, may claim the credits for taxable years beginning after December 31, 2013. Under this bill, a person may continue to claim the credits for taxable years beginning after December 31, 2013.

Under current law, a person may not claim the film production services credit if less than 35 percent of the total budget for the production is spent in this state. Under the bill, a person may not claim the film production services credit if less than 10 percent of the total budget for the production is spent in this state.

Under current law, the maximum amount of the film production services and film production company investment credits that may be claimed in a fiscal year is $500,000. The bill increases the maximum fiscal year amount from $500,000 to $5,000,000.

For further information see the state fiscal estimate, which will be printed as an appendix to this bill.

The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:

AB912,1 Section 1. 71.07 (5f) (c) 1. of the statutes is amended to read:

AB912,2,4 71.07 (5f) (c) 1. A claimant may not claim a credit under this subsection if less than 35 10 percent of the total budget for the accredited production is spent in this state.

AB912,2 Section 2. 71.07 (5f) (c) 5. of the statutes is amended to read:

AB912,2,8 71.07 (5f) (c) 5. The maximum amount of the credits that may be claimed under this subsection and sub. (5h) and ss. 71.28 (5f) and (5h) and 71.47 (5f) and (5h) in fiscal year is $ 500,000 $5,000,000.

AB912,3 Section 3. 71.07 (5f) (d) 3. of the statutes, as created by 2013 Wisconsin Act 20, is repealed.

AB912,4 Section 4. 71.07 (5h) (c) 4m. of the statutes is amended to read:

AB912,2,14 71.07 (5h) (c) 4m. The maximum amount of the credits that may be claimed under this subsection and sub. (5f) and ss. 71.28 (5f) and (5h) and 71.47 (5f) and (5h) in fiscal year is $500,000 $5,000,000.

AB912,5 Section 5. 71.07 (5h) (d) 3. of the statutes, as created by 2013 Wisconsin Act 20, is repealed.

AB912,6 Section 6. 71.28 (5f) (c) 1. of the statutes is amended to read:

AB912,2,20 71.28 (5f) (c) 1. A claimant may not claim a credit under this subsection if less than 35 10 percent of the total budget for the accredited production is spent in this state.

AB912,7 Section 7. 71.28 (5f) (c) 5. of the statutes is amended to read:

AB912,3,3 71.28 (5f) (c) 5. The maximum amount of the credits that may be claimed under this subsection and sub. (5h) and ss. 71.07 (5f) and (5h) and 71.47 (5f) and (5h) in fiscal year is $500,000 $5,000,000.

AB912,8 Section 8. 71.28 (5f) (d) 3. of the statutes, as created by 2013 Wisconsin Act 20, is repealed.

AB912,9 Section 9. 71.28 (5h) (c) 4m. of the statutes is amended to read:

AB912,3,9 71.28 (5h) (c) 4m. The maximum amount of the credits that may be claimed under this subsection and sub. (5f) and ss. 71.07 (5f) and (5h) and 71.47 (5f) and (5h) in fiscal year is $500,000 $5,000,000.

AB912,10 Section 10. 71.28 (5h) (d) 3. of the statutes, as created by 2013 Wisconsin Act 20, is repealed.

AB912,11 Section 11. 71.47 (5f) (c) 1. of the statutes is amended to read:

AB912,3,15 71.47 (5f) (c) 1. A claimant may not claim a credit under this subsection if less than 35 10 percent of the total budget for the accredited production is spent in this state.

AB912,12 Section 12. 71.47 (5f) (c) 5. of the statutes is amended to read:

AB912,3,19 71.47 (5f) (c) 5. The maximum amount of the credits that may be claimed under this subsection and sub. (5h) and ss. 71.07 (5f) and (5h) and 71.28 (5f) and (5h) in fiscal year is $ 500,000 $5,000,000.

AB912,13 Section 13. 71.47 (5f) (d) 3. of the statutes, as created by 2013 Wisconsin Act 20, is repealed.

AB912,14 Section 14. 71.47 (5h) (c) 4m. of the statutes is amended to read:

AB912,3,25 71.47 (5h) (c) 4m. The maximum amount of the credits that may be claimed under this subsection and sub. (5f) and ss. 71.07 (5f) and (5h) and 71.28 (5f) and (5h) in fiscal year is $ 500,000 $5,000,000.

AB912,15 Section 15. 71.47 (5h) (d) 3. of the statutes, as created by 2013 Wisconsin Act 20, is repealed.

AB912,16 Section 16. Initial applicability.

AB912,4,7 (1) The treatment of sections 71.07 (5f) (c) 1. and 5. and (d) 3. and (5h) (c) 4m. and (d) 3., 71.28 (5f) (c) 1. and 5. and (d) 3. and (5h) (c) 4m. and (d) 3., and 71.47 (5f) (c) 1. and 5. and (d) 3. and (5h) (c) 4m. and (d) 3. of the statutes first applies to taxable years beginning on January 1, 2014.

AB912,4,8 (End)