The bill proposes amendments to the Alabama Code concerning the Alabama Film Office, transferring the authority to appoint the Director of the Alabama Film Office and set their salary from the Governor to the Secretary of the Alabama Department of Commerce. It also revises the definition of "department" to align with this change and removes the previous salary cap of $48,000 for the Director, which was subject to cost-of-living adjustments.

Furthermore, the bill updates the definitions and terms related to the film and entertainment industry, clarifying what constitutes a "qualified production" and the production expenditures eligible for rebates. It establishes a 25 percent rebate on certain production expenditures and a 35 percent rebate on payroll for Alabama residents, with provisions for aggregating expenditures in some cases. The bill eliminates language that excluded marketing postproduction expenditures and profit participation from eligible production expenditures. It also modifies the administration of these rebates, indicating a shift in rule-making responsibility from the office to the department and the Commissioner of the Department of Revenue. The bill is intended to take effect on June 1, 2024.