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, and mandates that production companies engage an independent certified public accountant to certify their eligible expenditures.

Additionally, the bill creates a program under the director of development to train Ohio residents for employment in the film and multimedia industry, which includes certifying trainees and providing reimbursement payments to production companies for salaries paid to these trainees at fifty percent for those in tax credit-eligible productions. The bill 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 and repealing several existing sections of the Revised Code, thereby streamlining the tax credit process and eliminating certain credits.

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