The bill amends the Revised Code to enhance the film and theater production tax credit while repealing the film and theater capital improvement tax credit. Key modifications include the introduction of new definitions, such as "investment intent letter," which outlines the requirements for production companies to secure funding. The bill expands the criteria for eligible expenditures, allowing a broader range of costs to be claimed for tax credits, and increases the maximum allowable tax credits per fiscal year from fifty million dollars to one hundred million dollars. It also establishes a first-come, first-served application process that prioritizes productions based on their economic impact and workforce development potential in Ohio. Furthermore, production companies are required to engage an independent certified public accountant to review and certify their eligible expenditures.

In addition to the tax credit modifications, the bill creates a program under the director of development to train Ohio residents for employment in the film and multimedia industry. This program includes certifying individuals as film and multimedia trainees, allowing production companies to hire these trainees, and providing reimbursement payments for salaries paid to trainees during tax credit-eligible productions, capped at fifty percent of the salaries. The bill also modifies the order in which taxpayers can claim various tax credits by removing references to the refundable credit for film and theater capital improvement projects, streamlining the process for claiming other credits while ensuring that taxpayers cannot claim the same credit more than once in a taxable year.

Statutes affected:
As Introduced: 122.85, 5726.98, 5747.98, 5751.98, 122.852, 5726.59, 5747.67, 5751.55