SB 541 - The film production tax credit sunset in 2013. This act reauthorizes the tax credit as of January 1, 2015.
Previously, if an individual was paid more than $1 million for a film project, such wages could not count as an expense towards receiving the tax credit. This act lower the compensation threshold to $250,000.
The act requires a statement or logo appear in the film's credits indicating that the project was filmed in Missouri to receive the tax credit.
Previously, projects were allowed a credit of up to 35% of the expenses spent in this state on the film. This act allows a credit equal to 20% of the instate expenses and 20% of the out-of-state expenses. These amounts may be raised by 5% if at least 50% of the project is filmed in Missouri. Out-of-state expense are defined as wages paid to non-Missouri residents for work in this state.
The tax credit will sunset November 28, 2021.
This act is substantially similar to HB 803 (2015).