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SCS/SB 57 - This act creates provisions relating to incentives for economic development. SHOW MISSOURI FILM AND DIGITAL MEDIA ACT (Section 135.750) This act establishes the "Show Missouri Film and Digital Media Act". This act reauthorizes a tax credit for certain expenses related to the production of qualified film production projects in this state, as defined in the act. Tax credits for such expenses under previous law expired on November 28, 2013. For all tax years beginning on or after January 1, 2021, this act authorizes a tax credit equal to 25% of qualifying in-state expenses, as defined in the act, and 10% of qualifying out-of-state expenses, as defined in the act, associated with the production of a qualified film production project. An additional 5% may be awarded for both qualifying in-state and out-of-state expenses if at least 50% of the qualified film production project is filmed in Missouri. A further additional 5% may be awarded for both qualifying in-state and out-of-state expenses if the Department of Economic Development determines that the script for such project positively markets a city or region of the state, the entire state, or a tourist attraction located in the state. The total dollar amount of tax credits authorized by this act shall be increased by 10% for qualified film production projects located in a county of the second, third, or fourth class. These provisions shall sunset on December 31, 2027, unless reauthorized by the General Assembly. These provisions are substantially similar to SB 367 (2021), SB 366 (2020), HB 923 (2019), HB 1661 (2018), and HB 788 (2017). ECONOMIC DISTRESS ZONE FUND (Section 650.550) This act establishes the "Economic Distress Zone Fund" which shall be a fund used solely by the Department of Economic Development to provide funding to organizations registered with the IRS as a 501(c)(3) corporation that provide services to residents of Missouri in areas of high incidents of crime and deteriorating infrastructure for the purpose of economic development and deterring criminal behavior in such areas. The Department shall promulgate rules determining what constitutes an area with high incidents of crime and deteriorating infrastructure. This provision is similar to SB 986 (2020) and SB 488 (2021). MARY GRACE BRUNTRAGER
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