The bill amends sections 107.036 and 5747.98 of the Revised Code and introduces new sections 122.853 and 5747.68 to create a temporary refundable income tax credit for investments in sound recording production companies. It defines key terms related to the tax credit, such as "eligible expenditures," "sound recording," and "sound recording production company," and establishes a certification process for tax credit-eligible productions overseen by the director of development. The refundable tax credit is set at 25% of eligible expenditures exceeding $10,000, with a maximum of $75,000 for total credits awarded to all investors for a single project, and an annual cap of $1 million on total credits certified.

Additionally, the bill allows individuals holding a tax credit certificate under section 122.853 to claim a refundable credit against the income tax imposed by section 5747.02 for the taxable year in which the certificate is issued. If the credit exceeds the tax due, the excess will be refunded. The bill also establishes a uniform procedure for claiming various tax credits, including a new refundable credit for sound recording production under section 5747.68, and mandates that tax credit-eligible productions may need to display the state's name or logo. Finally, it repeals the existing sections 107.036 and 5747.98 to streamline the tax credit process.

Statutes affected:
As Introduced: 107.036, 5747.98