SPONSOR: Steinmeyer
This bill establishes the "Missouri Motion Picture Rebate Incentive Program".
A motion picture production company must submit an application for rebate to the Department of Economic Development. The Department can approve an application for rebate of up to 30% of qualifying expenses incurred in Missouri by a motion picture production company. The Department can also award an additional rebate of 5% to a motion picture production company if the Department determines that at least 75% of certain production cast and crew are residents of Missouri or at least 75% of productions occur outside of Kansas City and St. Louis.
The total amount of rebates authorized for this Program must not exceed $35 million of the moneys appropriated by the General Assembly, per fiscal year. No single qualified motion picture production project can be eligible to receive more than 25% of the annual appropriation cap in any fiscal year. Any unused rebate funds can be carried forward and made available in the subsequent fiscal year. Rebates will be considered expenditures of the State government and will not be deemed to be tax credits or tax expenditures.
Each motion picture production company applying for this rebate must submit a certified cost report to the Department. This cost report must include key information.
The Department must compile and publish a report to be submitted to the General Assembly and the Governor by January 15th of each year that includes certain information.
This bill creates the "Motion Picture Production Fund", within the State Treasury. The moneys in this Fund must solely be used for purposes provided in the bill.
This Program and Fund will become effective on July 1, 2027, and they expire on December 31, 2036, unless it is reauthorized by the General Assembly.
Statutes affected: