Senate Bill No. [insert bill number] seeks to amend the Montana Economic Development Industry Advancement Act by enhancing film tax credits and broadening eligibility for various production and postproduction activities. Key updates include an extension of the tax credits through 2045, an increase in the aggregate credit limit from $12 million to $30 million per calendar year, and the introduction of a new film industry workforce training account funded by fees from unused allocated credits. The bill also establishes clearer definitions for "qualified productions," requiring a minimum of 60% of principal photography to be completed in Montana or a base investment exceeding $5 million, while expanding the scope of eligible media projects.

Additionally, the bill outlines a streamlined application process for tax credits, mandating the Department of Commerce to notify applicants of their qualification within 30 days and allowing for a case-by-case approval for productions with lower base investments. It includes provisions for the waiver of penalties if claims are disallowed due to reaching the calendar year limit and specifies that credits must be claimed in the year expenditures were incurred. The legislation also repeals previous laws related to these credits and ensures that tribal governments are informed of the changes, with the act taking effect for income tax years beginning on or after January 1, 2025.

Statutes affected:
LC Text: 15-31-1002, 15-31-1003, 15-31-1004, 15-31-1007, 15-31-1009, 15-31-1010
SB0326_1(1): 15-31-1002, 15-31-1003, 15-31-1004, 15-31-1007, 15-31-1009, 15-31-1010
SB0326_1(2): 15-31-1002, 15-31-1003, 15-31-1004, 15-31-1007, 15-31-1009, 15-31-1010
SB0326_1(3): 15-31-1002, 15-31-1003, 15-31-1004, 15-31-1007, 15-31-1009, 15-31-1010
SB0326_1(4): 15-31-1002, 15-31-1003, 15-31-1004, 15-31-1007, 15-31-1009, 15-31-1010
SB0326_1(5): 15-31-1002, 15-31-1003, 15-31-1004, 15-31-1007, 15-31-1009, 15-31-1010
SB0326_1(6): 15-31-1002, 15-31-1003, 15-31-1004, 15-31-1007, 15-31-1009, 15-31-1010
SB0326_1: 15-31-1002, 15-31-1003, 15-31-1004, 15-31-1007, 15-31-1009, 15-31-1010
SB0326_2(1): 15-31-1002, 15-31-1003, 15-31-1004, 15-31-1007, 15-31-1009, 15-31-1010
SB0326_2(2): 15-31-1002, 15-31-1003, 15-31-1004, 15-31-1007, 15-31-1009, 15-31-1010
SB0326_2(3): 15-31-1002, 15-31-1003, 15-31-1004, 15-31-1007, 15-31-1009, 15-31-1010
SB0326_2(4): 15-31-1002, 15-31-1003, 15-31-1004, 15-31-1007, 15-31-1009, 15-31-1010
SB0326_2(5): 15-31-1002, 15-31-1003, 15-31-1004, 15-31-1007, 15-31-1009, 15-31-1010
SB0326_2(6): 15-31-1002, 15-31-1003, 15-31-1004, 15-31-1007, 15-31-1009, 15-31-1010
SB0326_2(7): 15-31-1002, 15-31-1003, 15-31-1004, 15-31-1007, 15-31-1009, 15-31-1010
SB0326_2(8): 15-31-1002, 15-31-1003, 15-31-1004, 15-31-1007, 15-31-1009, 15-31-1010
SB0326_2: 15-31-1002, 15-31-1003, 15-31-1004, 15-31-1007, 15-31-1009, 15-31-1010