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 criteria for eligible expenditures are expanded to include a broader range of costs, and a new application ranking process is established based on economic impact and workforce development potential. Additionally, the maximum amount of tax credits allowed per fiscal year is increased from fifty million dollars to one hundred million dollars, with specific allocations for Broadway productions. The application review process is changed to a first-come, first-served basis, and production companies are required to engage independent certified public accountants to verify their eligible expenditures.

Furthermore, the bill establishes a training program under the director of development to prepare Ohio residents for employment in the film and multimedia industry. This program includes certifying trainees, accepting applications from production companies to hire them, and providing reimbursement payments for salaries paid to these trainees, set at fifty percent for those employed in tax credit-eligible productions. The bill also modifies the order in which taxpayers can claim various tax credits, specifically removing the refundable credit for film and theater capital improvement projects and repealing several existing sections of the Revised Code to streamline the tax credit process while promoting the film and multimedia industry in Ohio.

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